Israel’s government agreed to give Intel Corp a $3.2 billion grant for new $25 billion chip plant it plans to build in southern Israel, both sides said on Tuesday, in what is the largest investment ever by a company in Israel.
The news comes as Israel remains locked in a war with Palestinian militant group Hamas in the wake of the Oct. 7 Hamas attack on Israel and is a big show of support by a major U.S. company and a generous offer by Israel’s government at a time when Washington has increased pressure on Israel to take further steps to minimise civilian harm in Gaza.
Intel’s shares were up 1.9% at $48.90 in pre-market Nasdaq trading.
The expansion plan for its Kiryat Gat site that is 42 km (26 miles) from Hamas-controlled Gaza is an “important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States,” Intel said in a statement.
Under CEO Pat Gelsinger, Intel…
Read the rest: Source link
Check out our business apps and business podcasts sections, you will be inspired with the type of content we have there.
Discover more from Black Business Data
Subscribe to get the latest posts sent to your email.
