ASE factory operations recovering from fire

ASE factory operations recovering from fire

ASE, the world's largest chip assembler said a factory damaged by fire last year was recovering, and its insurers agreed to pay $247 million.

Advanced Semiconductor Engineering (ASE), the world's largest chip assembly company, on Thursday said operations at a factory damaged by fire last year are recovering, and the company has finalized an payment plan with a group of insurers.

Nine insurance companies will collectively pay the chip assembler NT$8.1 billion (US$247.1 million) related to a factory blaze in May of last year.

The fire halted production at the plant amid an upswing in chip demand, doubling the pain for ASE since it lost equipment in the blaze as well as work it could have profited from. Although much of the damage from the fire has already been repaired, the company is still repairing certain parts of the plant, which is located in Chungli, Taiwan.

The insurance companies have so far paid ASE NT$2.3 billion for damages related to the fire.

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