Intel Makes Historic $32B Investment in Germany, Boosting Chip Production in Europe

Intel has expanded its chip plant building spree to Germany by signing a deal with the German government to build a chip manufacturing site in Magdeburg. The agreement involves Intel investing over 30 billion Euros ($32.7 billion), with the German government pledging to cover one-third of the investment. The investment signifies a significant expansion of Intel's production capacity in Europe and is the largest ever made by a foreign company in Germany. While Intel acquired the land for the semiconductor facilities in November, production is not expected to commence for another four or five years. Additionally, Intel plans to construct a new factory in Israel, with an investment of $25 billion, scheduled to open in 2027 and provide employment opportunities for thousands of people. In January 2022, Intel also announced plans to build two new facilities in Ohio, injecting approximately $20 billion into the local economy and potentially generating 20,000 jobs.