• Intel halts construction of new $25 billion factory in Israel | Ctech
    https://www.calcalistech.com/ctechnews/article/sjxr52eh0

    Intel halts construction of new $25 billion factory in Israel
    Intel’s suppliers received notice of the cancellation of contracts for the supply of equipment and materials required for the establishment of the company’s new factory over recent days. The Ministry of Finance was aware of the company’s decision to halt the establishment of the plant.
    Sophie Shulman

    Is Intel’s new $25 billion factory in Israel in danger of being canceled? Intel’s suppliers received in recent days notice of the cancellation of contracts for the supply of equipment and materials required for the establishment of the company’s new factory. The Ministry of Finance was aware of the company’s decision to halt the establishment of the plant.

    The new plant, which the company officially announced last December, is to be built in Kiryat Gat with an investment of $25 billion. As part of the agreement with the state on the establishment of the factory in Israel, the company is supposed to receive incentives worth $3.2 billion and, in return, has committed to purchasing products and services worth 60 billion shekels from Israeli suppliers over the next decade.

    • Intel said in response: “Israel continues to be one of our key global manufacturing and R&D sites, and we remain committed to the region. As mentioned previously, the scope and rate of expansion of Intel’s production at the company’s sites around the world depend on a number of changing factors. Managing a project of this magnitude, especially in our industry, usually involves schedule adjustments. Our decisions are based on business conditions, market dynamics, and responsible capital management.”