BAE Systems Gets $35 Mln Funding to Modernize US Microelectronics Facility

BAE Systems said the U.S. Department of Commerce will invest around $35 million as initial funding for the modernization of its microelectronics center in Nashua, New Hampshire. The U.K. defense-and-aerospace group said Monday that the funding comes under the provisions of the CHIPS and Science Act, which was designed to strengthen U.S. semiconductor manufacturing, supply chains, and national security. It added that the funding will help it purchase new and more efficient manufacturing tools to "mitigate supply chain risk, increase production capacity, and reduce time-to-build product." The company said the...