Sunday, October 11, 2015

TEL signs $262 million deal with SUNY Poly to stay in Albany

As reported by Times Union : Tokyo Electron Ltd. has signed a five-year, $262.5 million extension of its research and development agreement with SUNY Polytechnic Institute in a deal that keeps the Japanese computer chip manufacturing equipment maker in Albany through 2020.



The agreement, which took effect Oct. 1 and will be officially announced Thursday, comes 12 years after the company, known in the industry as TEL, chose Albany for its first research lab outside of Japan.



The newly inked deal also is critical because TEL, which makes manufacturing equipment used in chip factories, or "fabs," is expected to play a key role in one or more manufacturing development programs in Albany involving at least $1 billion in spending by the semiconductor industry and hundreds of new jobs, the exact details of which have yet to be made public.



"New York continues to be a wonderful partner to TEL," Tetsuro Higashi, CEO of TEL said in a statement provided to the Times Union. "Through SUNY Poly, Gov. Cuomo has created one of the finest R&D centers in the world for creating next-generation chip technology, and we look forward to our continued collaboration and innovation."