Intel ‘to stick with’ German plant despite construction delay: German Chancellor
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- Intel (NASDAQ:INTC) will “stick with” its plant in Germany even after it said it would delay construction on the chip manufacturing site for approximately two years, the country’s Chancellor said on Tuesday.
- “The decision to postpone the project in Germany for two years is a decision that also includes the intention to stick with it,” German Chancellor Olaf Scholz said, according to Reuters.
- “It is important for us that we take this opportunity in this very volatile business of the semiconductor industry to help ensure that there is nevertheless a further expansion of the already profound capacities in Germany,” Scholz added.
- Germany’s economic minister, Robert Habeck, said the country was still committed to the semiconductor industry and that it is “now up to Intel to quickly get back on a path that enables investment.”
- In September 2023, it was reported that Intel was having difficult hiring staffing the two plants in Magdeburg. Three months prior, Intel declared its intention to invest more than €30B, or roughly $33B, in Germany to build two semiconductor facilities as part of its manufacturing expansion plan in Europe.