Dutch chip manufacturing equipment manufacturer ASM International NV plans to invest $324 million (300 million euros) to build a new U.S. headquarters in Arizona to further expand internationally in a state where the semiconductor economy is already booming.ASM International will hire 500 employees for the new facility in Scottsdale, Arizona, where it already employs more than 800 people. The company's U.S. headquarters has been in Phoenix since 1976.

Despite the slowdown in the chip industry, ASM continues its efforts to expand its global presence. CEO Benjamin Loh said the company plans to continue hiring in 2024, although not as quickly as in recent years. “You could say the big hiring wave has passed,” he said in an interview.

Loh will visit Arizona this week as part of a Dutch delegation that includes Dutch Prime Minister Mark Rutte and a group of chip executives. Since 2020, the scale of semiconductor projects in Arizona has exceeded US$60 billion, including large-scale facilities under construction by Intel Corporation and Taiwan Semiconductor Manufacturing Company.

The Biden administration is preparing to release $100 billion worth of semiconductor subsidies, promises that have made the Phoenix area a hot spot for the U.S. chip industry. Funding from the Chips and Science Act of 2022 is intended to promote domestic manufacturing of critical electronic components and wean the United States away from dependence on Asian supply chains. The U.S. government is concerned that Asian supply chains pose a national security risk.

Loh said ASM is evaluating whether the company qualifies for U.S. incentives targeting small-scale supply chain investments, as opposed to large-scale manufacturing. The Commerce Department opened a portal last week to accept proposals and will accept submissions through February 1.

Industry officials say one of the biggest threats to the U.S. effort is a shortage of engineers, computer scientists and technicians. According to the Semiconductor Industry Association, chip companies plan to add about 115,000 jobs by 2030, nearly 60% of which may be difficult to fill.

Loh said ASM will focus on trying to attract research and development and software engineers. He acknowledges that it's a competitive market for this type of employee. “We’ve gotten our fair share so far,” but with the new hiring rush, “we may have to step up our efforts and do more.”