Tokyo Electron targets faster chip tool production as China rivals rise

TOKYO — Chip equipment maker Tokyo Electron expects to triple production speeds with the advances of a new development facility in northeastern Japan, helping to tap into growing demand and fend off rising Chinese rivals.

The completion ceremony for the building, the third such development facility at a production complex in Miyagi prefecture, was held Thursday. Costing 52 billion yen ($365 million), the facility will employ 300 people.