According to a Reuters report, on August 14, 2007 the board of Taiwan's TSMC (Taiwan Semiconductor Manufacturing) approved an investment of US$59.8 million for the company to tap into 12-inch wafer-level packaging technology and capacity. Also, the board approved a capital budget of US$22.8 million for upgrading TSMC's 0.18-micron process technology for eight-inch wafers to high-voltage, radio frequency, and BiCMOS processes.