"Applied Materials Inc. will pay $252.5 million to settle a US Commerce Department investigation into improper exports to China, ending a yearslong saga for the largest American supplier of chipmaking machinery. The agreement resolves allegations by the Commerce Department's Bureau of Industry and Security that certain shipments to China between November 2020 and July 2022 didn't comply with export regulations, the company said in a statement Wednesday."
"The US Justice Department and Securities and Exchange Commission also closed related probes into the matter without taking action, Applied Materials said. The US investigations had cast a cloud over the Santa Clara, California-based company and weighed on its stock price. They came at a time of mounting restrictions on the export of semiconductors and manufacturing technology to China, the largest market for chips."
Applied Materials will pay $252.5 million to settle a US Commerce Department investigation into improper exports to China, ending a yearslong saga for the largest American supplier of chipmaking machinery. The agreement resolves allegations by the Commerce Department's Bureau of Industry and Security that certain shipments to China between November 2020 and July 2022 did not comply with export regulations. The US Justice Department and Securities and Exchange Commission closed related probes without taking action, removing an overhang that had weighed on the Santa Clara, California-based company's stock price. The developments come amid mounting restrictions on exports of semiconductors and manufacturing technology to China, the largest market for chips.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]