Firms including chip equipment maker ASML set up fund for Eindhoven development

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A group of Dutch technology firms including computer chip equipment maker ASML said on Wednesday it will contribute around $230 million to developing infrastructure in the Eindhoven area of the Netherlands.

The move is tied to “Operation Beethoven,” a plan announced in March by the Dutch government to spend 2.5 billion euros ($2.7 billion) to improve housing, transportation, education and electricity in the region, one of Europe’s fastest-growing technology hubs.

Money in the corporate fund will be used to support Operation Beethoven projects, regional development agency Brainport said.

VDL Groep, a manufacturing conglomerate that is a key supplier to ASML, said the company viewed participation as a growth investment.

“What is good for the region is good for the companies, and vice versa,” said VDL’s chief executive, Willem van der Leegte, in a statement.

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