3/15, 2:20 PM (Source: TeleTrader)
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Intel to build €17B chip factory in Germany

Intel Corp. announced on Tuesday plans to invest €17 billion to start building a chip manufacturing facility in Magdeburg, Germany, next year with a goal of start producing chips by 2027.

In the first phase of the company's investment plans worth €33 billion, the American tech giant also seeks to establish a new research & development and design hub in France, as well as invest in manufacturing and foundry services in Ireland, Italy, Poland and Spain.

"The EU Chips Act will empower private companies and governments to work together to drastically advance Europe's position in the semiconductor sector. This broad initiative will boost Europe's R&D innovation and bring leading-edge manufacturing to the region for the benefit of our customers and partners around the world," CEO Pat Gelsinger commented.

Baha Breaking News (BBN) / ND