Intel as well as Italy are intensifying discussions on investment plans that are expected to amount to approximately eight billion euro ($9 billion) to construct a cutting-edge semiconductor plant.
A deal this big could secure Italy approximately 10 percent of billion euros that the U.S. company is looking to invest in the coming decade in Europe to upgrade its manufacturing capabilities to ensure that there are no any future shortages of semiconductor chips.
Sources previously informed Reuters they believed the size of the investment was between 4 and 8 billion Euro range.
In this regard, Germany is the European Union’s biggest economy, is in the race to get Intel Corp’s European megafab plant however France is also in the mix.
While EU nations where the majority of jobs depend on industries such as automotive manufacturing, are looking to cut down on their dependence on semiconductors that come from China as well as in the United States after recent supply chain issues.
The planned Italian manufacturing facility would be an advanced manufacturing facility that uses cutting-edge technology to weave complete chips.
However, its chief executive Pat Gelsinger earlier this month announced that he would unveil the locations of the new chip factories within Europe, the United States and Europe early next year.
Bob is a Digital Entrepreneur and keen follower of the Crypto and Blockchain world. He enjoys exploring the latest technology and news related to Fintech world. He is a go-to person with a positive attitude towards life.