State job grant to help Tessera expand wafer-level optics business

March 24, 2008, Charlotte, NC--The North Carolina Economic Investment Committee is awarding a Job Development Investment Grant (JDIG) to Tessera, a provider of miniaturization technologies for the electronics industry, that will enable the company to add 185 jobs and invest approximately $30 million in its Charlotte-based wafer-level optics facilities during the next five years.

March 24, 2008, Charlotte, NC--The North Carolina Economic Investment Committee is awarding a Job Development Investment Grant (JDIG) to Tessera, a provider of miniaturization technologies for the electronics industry, that will enable the company to add 185 jobs and invest approximately $30 million in its Charlotte-based wafer-level optics facilities during the next five years.

"When we acquired Charlotte-based Digital Optics Corporation in 2006, our plan was to proliferate their wafer-level optics technologies into a broader range of applications that would impact people's lives in tangible ways, and this announcement furthers that intention," said Bruce McWilliams, chairman, president and chief executive officer, Tessera. "After considering a number of possible sites, Kevin Drehmer, general manager of Tessera North America, convinced us that Charlotte's emerging technology base, cultural vibrancy and positive business climate made it the ideal choice for our expansion."

Under the terms of the JDIG, for each year in which the company meets the required performance targets, the state will provide a grant equal to 65% of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for nine years, the agreement could yield as much as $2.64 million in maximum benefits for Tessera Technologies.

"Given our roots at the University of North Carolina at Charlotte, our time at the Ben Craig Center and our strong connection to the Charlotte Research Institute, we are proud and grateful that this incentive package will enable us to expand our Charlotte facilities," said Kevin Drehmer, general manager of Tessera North America. "This announcement reinforces our commitment to the region, and to developing and delivering innovative, industry-leading wafer-level optics solutions."

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