(Reuters) -U.S. chipmaker GlobalFoundries on Tuesday said it will invest 1.1 billion euros ($1.28 billion) to expand manufacturing capabilities at its German facility as it looks to increase production.

The Dresden site investment will expand the production capacity to exceed one million wafers annually by the end of 2028, the chipmaker said in a statement.

“As a part of the project, the facility will be upgraded to offer end-to-end European processes and data flows for critical semiconductor security requirements,” GlobalFoundries said.

The expansion project, named SPRINT, is expected to be supported by the German federal government and the State of Saxony under the framework of the European Chips Act.

European Union approval for the full program is expected later this year, GlobalFou

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