SAN JOSE, Calif. - China's Semiconductor Manufacturing International Corp. (SMIC) wants to become a $5 billion company, according to reports in the media.
Silicon foundry vendor SMIC clarified that position. In a statement, Gary Tseng, SMIC's chief financial Officer, said: "Based on our current five year business expansion plan to become a $5 billion foundry, SMIC would need to spend approximately $12 billion to increase its manufacturing capacity during the next several years.
''The majority of such funding would come from internally generated cash. The remaining funds may come from long term bank loans, and/or outside equity investment. Please note that this is just a plan based on the Company's position today, and the actual amount to be spent on capital expansion may vary based, among other things, on market conditions, the company's business plans and customer needs."
After a tumultuous period, Chinese foundry provider SMIC is back on track, according to the company’s top executive. Chinese foundry SMIC recently achieved its first profitable year in 2010, at both the operational and net income levels, after 5 years of losses, according to its financial results announcement for the fourth quarter.