Intel, Germany Strike Deal to Invest More Than EUR30 Billion on Chip Facilities
19 June 2023 - 11:52PM
Dow Jones News
By Mauro Orru
Intel said it had reached an agreement with Germany to invest
more than 30 billion euros ($32.83 billion) in two semiconductor
facilities in the country, expanding its European production
footprint at a time when the European Union is seeking to become
more self-sufficient in chip production.
The chip maker said Monday that it had signed a revised letter
of intent for its planned chip manufacturing site in Magdeburg, in
a deal that includes increased support from the German government
in the form of incentives.
Dubbed Silicon Junction, the site in Magdeburg will consist of
two semiconductor facilities, the first of which is expected to
start production in four to five years following approval of the
incentive package from the European Commission, the European
Union's executive arm.
The announcement comes three days after Intel set out plans to
build a new semiconductor assembly and test facility in Poland for
an investment of up to $4.6 billion, building its presence in the
country, which already hosts its largest research and development
facility in Europe with nearly 4,000 workers.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
June 19, 2023 09:37 ET (13:37 GMT)
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