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Intel is setting up a chip factory in Europe with an investment of around $95 billion, and it has finally chosen a location. An insider revealed that the company would be making a formal public announcement about its decision on March 4.
As per Reuters, Intel Corporation said in September of last year that it has plans of investing billions in Europe over the next decade. The chipmaker mentioned it is considering two locations, but there was no announcement even by the end of 2021.
Now, it was finally revealed it had chosen Magdeburg City in east Germany as the new ground for its chip factory in Europe. Since the beginning, Germany has been part of the locations being considered alongside Penzing in Bavaria and another German region, in Dresden.
Based on the observation of analysts, it may have taken some time for Intel to pick a place for its new semiconductor plant because it could be waiting for the launch of new legislation related to the chips business. It was explained that the European Chips Act is being introduced to lessen the region’s dependence on chips supply from suppliers in Asia.
Europe is said to be subsidizing the local development of major semiconductor factories to attain its goal of having its own source of advanced chips in its own territory.
In any case, it was reported that Intel’s chief executive officer, Patrick Gelsinger, ultimately chose Magdeburg based on some factors, including stability, government subsidies, and the skilled workers in the area. In addition, Germany also houses some of the largest automakers in the world that were also badly hit by the global chip shortage. While the location for Intel Corporation’s European chip factory was already confirmed, it was not mentioned when the chip production could begin.
Finally, Tom’s Hardware reported that based on estimation, Intel’s plant in Magdeburg is set to open more than 1,000 new jobs and will hire locals for well-paid positions. Intel will be employing IT talents that are said to be highly available in the area. Once the factory is in operation, the locality will also be benefitting from the business it will bring.
