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

Links for B.C.

Visit My Website
https://bcbegley.com

Follow Me On Facebook
https://www.facebook.com/B.C.Begley

Subscribe To My Patreon
https://www.patreon.com/bcbegley

Watch Me On YouTube
https://www.youtube.com/channel/UCGoUf-QQTlTN-BIh3ERCE9A

Follow Me On Twitter
https://twitter.com/BC_News1

Watch Me On Rumble
https://rumble.com/c/c-280191

Follow Me On Gab
https://gab.com/BC_Begley