June 20, 2023
Intel Corp on June l9 struck a deal with Germany to spend more than 30 bilion euros ($33 bilion) on building two chip plants Magdeburg, Germany, as part of its expansion plans in Europe,Reuters reported,adding that Germany has agreed to give lntel subsidies worth nearly 10 billion euros, more than it initially offered the chipmaker, a person familiar with the matter said "Of 6.8 billion euros”.
Intel CEO Pat Gelsinger said he was grateful to the government and the state of Saxony-Anhalt, where Magdeburg is located The German chancellor hailed this as the largest foreign investment in German history and said after signing the agreement," With this investment.we are technologically catching up with the best in the world and expanding our own development in the ecosystem."he deal marks intel's third big investment in four days. t unveiled plans on June 16 to invest 54.6 blion in a chip plant in Poland another EU member state, while lsrael said on June 25 that nte would spend it, intel's previous plan to invest 17 blion euros in the Magdeburg plant has neary doubled to more than 30 billion euros.
The first plant in Magdeburg is expected to be operational within four to five years after the European commission approves the subsidy package, intel said The first expansion will create about 7,000 construction jobs.
According to Reuters News
