Intel (NASDAQ:INTC) Announces $7-B US Investment in Oval Office Meeting

Intel (NASDAQ:INTC) Announces $7-B US Investment in Oval Office Meeting

$INTC

Intel Corp.(NASDAQ:INTC), the world’s largest semiconductor maker, said it will spend $7-B on its production facilities in Chandler, Arizona, an investment that was announced at a meeting between CEO Brian Krzanich and President Donald Trump.

CEO Krzanich, speaking Wednesday at a briefing in the Oval Office, called the investment an expansion of Intel’s presence in Chandler that will enable a plant capable of advanced 7-nanometer chip production.

The partially built Fab 42 facility will be completed in 3 to 4 years and create about 3,000 company jobs, Intel said in a statement following the meeting at the White House.

Intel builds most of its chips in the US at factories in Oregon, Arizona and New Mexico.

It also has plants in Ireland, Israel and China as well as test and assembly facilities in China, Malaysia and Vietnam.

The iconic chipmaker, one of the founding companies of California’s Silicon Valley, has held onto its 15% market-leading slice of the $300-B chip industry through outspending rivals on research, development and plants over the years.

The Santa Clara, California-based company said last month it plans to boost spending in Y 2017 on new plants and equipment to about $12-B, an increase of about $2-B from last year. Intel has about 106,000 employees around the world.

The Arizona investment means innovation and jobs for Americans.

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