Intel Shares Its Ambitious EU Expansion Plans

Intel Corp INTC announced the first phase of its plans to invest up to €80 billion in the EU over the next decade.
Intel plans to invest €17 billion into a leading-edge semiconductor fab mega-site in Germany, a new R&D and design hub in France, and R&D, manufacturing, and foundry services in Ireland, Italy, Poland, and Spain.
The investment will create 7,000 construction jobs, 3,000 permanent high-tech jobs at Intel, and tens of thousands of additional jobs across suppliers and partners.
Intel targets a spend of €12 billion on Intel in its Leixlip, Ireland, expansion project.
Intel and Italy negotiated to enable a state-of-the-art back-end manufacturing facility with up to €4.5 billion investment creating 1,500 Intel jobs plus an additional 3,500 jobs across suppliers and partners.
The plants will help meet surging demand for chips used in computers, cars, smartphones, reduce reliance on Asian suppliers and ease the supply crisis.
Price Action: INTC shares traded higher by 0.70% at $44.71 on the last check Tuesday.