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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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