SHERMAN, Texas (KXII) - Micron is investing $500 million over the next decade through a deal tied to GlobalWafers' expansion in Sherman, according to city and company leaders.

GlobalWafers officials say the investment will help the company continue growing local capacity and could lead to additional expansion depending on demand.

Sherman Mayor Shawn Teamann said the deal reflects the city's growing position in the technology sector."Out of the top 12 largest companies in the world, three of them are now manufacturing their supply chain right here in Sherman, Texas," Teamann said.