Intel Shortlists These Two Regions In Italy For Multi-Billion Euro Chip Plant
Mario Draghi's outgoing government and Intel Corp (NASDAQ: INTC) zeroed on Vigasio in northeastern Veneto for a new multibillion-euro chip factory in Italy.
Intel's investment in Italy is part of its broader plan to invest up to €80 billion ($77.5 billion) over the next decade, Reuters reports.
With an initial investment worth €4.5 billion, Intel expects the Italian plant to create 1,500 jobs plus an additional 3,500 jobs across suppliers and partners, with operations to start between 2025 and 2027.
The Italian factory would be an advanced semiconductor packaging and assembly plant.
Located near Verona, on the strategic Brenner motorway and railway, the Vigasio site is well connected with Germany, particularly with the city of Magdeburg, where Intel will build two factories.
The other preferred option is in the northwestern Piedmont region.
Intel and the government had also initially considered sites in the Lombardy, Apulia, and Sicily regions.
Intel scaled back valuation expectations for its Mobileye initial public offering amid a broader stock recession and could delay the share sale until 2023 from the prior mid of 2022, pending recovery.
Price Action: INTC shares closed lower by 1.96% at $27.52 on Friday.
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