SOUTH PORTLAND, Maine -- A plan by Fairchild Semiconductor to boost revenues means a $70 million upgrade and the hiring of another 100 workers for its plant in South Portland.
The plan unveiled Tuesday seeks to double the company's revenues over the next three years through new products, increased manufacturing capacity and acquisitions of other semiconductor manufacturers.In addition to the $70 million to upgrade capacity in South Portland, the company also hopes to invest an additional $185 million in its plants in Utah, Malaysia, South Korea and the Philippines.
The South Portland-based company makes hundreds of kinds of semiconductors used in virtually all types of electronic products, from computers and wireless phones to cars and microwave ovens.
Fairchild has experienced rapid growth of late and announced Tuesday its revenues for the first quarter will be 10 percent higher than anticipated. The company is on track to have $1.4 billion in revenues this year.
Kirk Pond, chairman, president and chief executive of Fairchild, said the company's goal is to double annual revenues to nearly $3 billion a year by the end of 2002. Fairchild has already doubled its revenues since it spun off from National Semiconductor into its own company three years ago.