Shares of semiconductor parts supplier ASML Holding N.V. (NASDAQ:ASML) are trading higher today.
The company has been reportedly given the go-ahead for its expansion plans at its headquarters in Veldhoven, Netherlands, following a ruling by the country's Council of State.
The court dismissed objections from two neighbors who cited concerns about potential traffic and noise issues. This decision supports the approval granted by Veldhoven's town council in 2022.
The Netherlands' highest administrative court determined that the complaints were insufficient to halt the project, reported Reuters.
The court also rejected the idea of building the facilities partially underground due to the sensitive nature of ASML's semiconductor equipment, which requires stability during assembly.
Related Read: US Pressures Japan And Netherlands To Tighten Chip Equipment Exports To China: Report
The Veldhoven expansion aims to support ASML's immediate growth requirements. In addition, the company signed a letter of intent in April for a larger expansion project in Eindhoven, which will accommodate 20,000 new employees by 2030.
Price Action: ASML shares are trading higher by 1.62% at $1,064.90 at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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