2023-06-19 21:22:00
BERLIN/STOCKHOLM (Archyde.com) – Intel Corp. (NASDAQ:) will spend more than 30 billion euros ($33 billion) to build two chip plants in Magdeburg, Germany as part of its efforts to expand in Europe, a deal lauded by German Chancellor Olaf Scholz on Monday. He described it as the largest foreign investment in Germany ever.
A source familiar with the matter said that Berlin had agreed to support worth regarding ten billion euros for the American company Intel to build two chip factories in the city in the east of the country, following it had offered only 6.8 billion euros at the beginning.
Intel CEO Pat Gelsinger expressed his gratitude to the government and the state of Saxony-Anhalt, where Magdeburg is located, “for realizing a vision of a semiconductor industry that is vibrant, sustainable and pioneering in Germany and the European Union.”
Under Gelsinger’s leadership, Intel has invested billions to build factories on three continents, aiming to restore its dominance in the chip industry and improve its ability to compete with AMD, NVIDIA and Samsung.
“Today’s agreement is an important step for Germany as one of the advanced technology production sites,” Scholz said following signing the deal on Monday.
“Through this investment, we will catch up with the best technologies in the world and enhance our capabilities to serve the development of the ecosystem and the production of microchips,” he added.
This agreement is the third largest investment announced by Intel in four days. On Friday, the company revealed its intention to build a $4.6 billion chip factory in Poland, while on Sunday it said the company would spend $25 billion to build a factory there.
Intel said the first plant is expected to start operating four to five years following the European Commission approves the support package.
( = 0.9150 Euro)
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Mahmoud Abdel-Gawad)
1687214356
#Intel #invests #billion #build #chip #factories #Germany #Archyde.com
