Intel announcement an agreement to invest $32.8 billion in a chip plant in Magdeburg, Germany. The German government announced it would contribute a third of its cost.
Intel's spree of chip plant building has spread to Germany.
and the German government signed a deal Monday that will see the U.S. company spend more than 30 billion Euros to build a chip manufacturing site in the eastern city of Magdeburg.Word of the agreement came as German Chancellor Olaf Scholz met with Intel CEO Pat Gelsinger in Berlin on Monday. Pictured: Intel logo hangs at the World Economic Forum 2022 in the Alpine resort of Davos, Switzerland.in Magdeburg in November, although production is not expected to start for another four or five years.
"The investment in Germany means a significant expansion of Intel's production capacity in Europe and is the biggest investment ever made by a foreign company in Germany," Economy Minister Robert Habeck, who is also the country's vice chancellor, said in a statement.
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