Intel will invest more than 30 billion euros ($33 billion) in Germany as part of its market expansion in Europe. It is going to be the largest investment by a foreign company in Europe’s top economy. News Reuters.
According to the deal, two leading semiconductor factories will be built in the eastern city of Magdeburg, with Germany subsidizing 10 billion euros, a source close to the matter said.
Intel CEO Pat Gelsinger said he is grateful to the German government and the state of Saxony-Anhalt, where Magdeburg is located, for realizing the goal of a vibrant, sustainable, cutting-edge semiconductor industry in Germany and the EU.
Under Gelsinger, Intel is investing billions in building factories across three continents to regain its dominance in chip-making and better compete with rivals AMD, Nvidia and Samsung.
The deal in Germany would be Intel’s third major investment in four days. Last Friday, Intel announced a $4.6 billion chip plant in Poland, a member of the European Union, and on Sunday a $25 billion investment in Israel.
