The sign board of ASML, the world’s only extreme ultraviolet (EUV) lithography equipment manufacturer located in Veldhoven, the Netherlands, on the 27th./EPA Yonhap News
On the 28th, the Netherlands announced an emergency measure to mobilize a budget of 2.5 billion euros (about 3.7 trillion won) to stop the ‘exodus’ of ASML, the world’s only manufacturer of extreme ultraviolet (EUV) exposure equipment.
According to Reuters, the Dutch government unveiled on this day a detailed plan for ‘Operation Beethoven’, which includes support measures such as major infrastructure improvements in the Eindhoven area, where ASML’s headquarters are located. The operation was named after the Dutch-German musician, Ludwig van Beethoven. Like Beethoven, she has Dutch roots, and it has the meaning of possessing technical skills similar to his unparalleled art.
The government plans to use the budget to improve housing, education, transport, and the power grid in Eindhoven, near Feldhoven, where ASML is headquartered. “We expect that these measures will ensure that ASML continues to invest and maintain its legal, financial and physical headquarters in the Netherlands,” the Dutch cabinet said in a statement.
The reason why the government took such special measures is because ASML has recently publicly suggested that its headquarters should be relocated due to government policies. After the far-right party won last November’s general election with a promise to limit immigration, the Dutch parliament recently passed a bill to remove tax benefits for highly skilled migrant workers. In response, ASML CEO Peter Bennink publicly expressed his displeasure with this measure, saying, “If we can’t grow in the Netherlands, we will consider other places.” Currently, 40% of ASML’s 23,000 employees in the Netherlands are reported to be foreigners.
Considering ASML’s position not only in Europe but also in the global semiconductor market, it is expected that the Dutch economy will suffer a significant blow if ASML relocates its headquarters. As a rule, the current government rarely follows new policies during the formation of a new government, but this is why the cabinet led by Prime Minister Mark Rutte, a ‘prime minister with a time limit’, came up with emergency measures in a hurry.
ASML expressed its welcome and concern about the government’s plan. ASML said in a statement: “If the plan announced today receives parliamentary support, we will strongly support the operating conditions and will continue to work with the Dutch government to make a final decision regarding the expansion of our business.” Still, he said, “The decision we’re making is not about staying (in the Netherlands), but where to expand.”
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