The $53 million contract for HP Inc. to increase research and production in Corvallis was finalized, the Biden administration announced Monday.
The subsidy was announced by the Commerce Department last summer, but as several chipmakers backed out of their growth plans due to dwindling sales, other incentives were reduced, renegotiated, or eliminated entirely. In the weeks leading up to President-elect Donald Trump’s inauguration, the Biden administration has been completing agreements at a breakneck pace.
