A report that was released states that Intel Corp.’s $25 billion plant in Israel has been put on hold.
The $25 billion facility that Intel Corp. (INTC.O.) had planned in Israel is on hold, according to a story published on Monday. The chipmaker did not confirm or refute the report. When questioned about the report, the American corporation noted that large projects must be adjusted to fit shifting deadlines, but they did not mention the project specifically. “Israel continues to be one of our key global manufacturing and R&D sites, and we remain fully committed to the region,” Intel stated in a statement.
Especially in our sector, managing large-scale projects frequently entails making adjustments for shifting deadlines. We base our judgments on market trends, company conditions, and prudent capital management,” the statement read. December saw the Israeli government approve a $3.2-billion grant to Intel for the construction of the $25-billion chip factory in southern Israel. Along with the company’s investments in Europe and the US, Intel has previously stated that the factory proposed for its Kiryat Gat site, where it already has an existing chip plant, was an “important part of Intel’s efforts to foster a more resilient global supply chain.”
Intel has four development and production facilities in Israel, including Fab 28, a manufacturing facility located near Kiryat Gat. The plant makes 10-nanometer chips, or Intel 7 technology. It was intended for the Fab 38 plant to begin operations in 2028 and run until 2035. In Israel, Intel has over 12,000 employees.
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