U.S. Commerce Department Awards Millions in Funding

The U.S. Department of Commerce has allocated up to $75 million to Absolics, an affiliate of Korea-based SKC, and awarded up to $77 million to Entegris. This funding aims to enhance technological and infrastructural advancements within these companies, highlighting a strategic financial commitment to bolster industrial innovation.

The U.S. Department of Commerce has announced substantial funding awards to two companies, signaling a major financial investment in industrial development. Absolics, an affiliate of the Korea-based conglomerate SKC, has been granted up to $75 million in direct funding. This sizable investment aims to drive forward technological advances and strengthen economic ties.

In a similar move, Entegris, a renowned player in the field, is set to receive up to $77 million. The funding is intended to support the firm's infrastructural expansion and innovation projects. The decisions underscore the importance placed on fostering growth within the industrial sector, as these companies are strategically pivotal.

The allocation of these funds reflects the U.S. government's commitment to enhancing industrial capabilities through direct financial support, aiming to boost both domestic and international technological collaborations.

(With inputs from agencies.)