Intel to build $33-billion chip plant in Germany after government pledges to help cover costs
On Monday, Intel and the German government reached an agreement, with Intel committing to invest over 30 billion euros ($32.8 billion) in establishing a chip manufacturing site in the eastern city of Magdeburg. The German government pledged to cover one-third of the required investment.
The deal was announced as German Chancellor Olaf Scholz held a meeting with Intel CEO Pat Gelsinger in Berlin, the Associated Press reported.
Intel had already acquired the land for two semiconductor facilities in Magdeburg in November. The company anticipates that the first facility will commence production within the next four to five years.
READ MORE: https://apnews.com/article/germany-intel-chip-factory-magdeburg-3711017130a9736d75cc9b169c235537
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