According to reports, Infineon Technologies will invest $700 million to expand its semiconductor manufacturing campus in Austin, Texas, for chip manufacturing.

The report pointed out that the investment for the expansion included $75 million in new construction and $625 million in machinery and personal property. The expansion could add 154,000 square feet to its Ben White Boulevard site.

Infineon said the expansion is for meeting increasing demand for its products and would increase the company’s engineering, manufacturing and research and development activities by about 30%

Infineon also mentioned that it is in discussions with the cities of Austin, Travis and the state about financial incentives.