Intel CEO Announces $7 Billion Factory Investment, Creation Of 3,000 New Jobs During Trump Meeting

from Zero Hedge:

During a meeting between Intel CEO Bryan Krzanich and President Trump at the White House, the chief executive of the world’s largest semiconductor maker told the president that his company would invest $7 billion in a new factory in Arizona. Krzanich said the investment is an expansion of Intel’s presence in Chandler that will enable a plant capable of advanced 7-nanometer chip production. The partially built Fab 42 facility will be completed in 3 to 4 years and is expected to add 3,000 company jobs.

Krzanich added that Trump’s “advantageous” tax and regulatory policies are partly responsible for their decision to announce the new factory at the White House. Trump called the investment “a great thing for Arizona,” and said the products will be “amazing.”

Fab 42 in Chandler, Ariz.

We do find it It is somewhat ironic that the same chip fabrication facility was used by Intel to appease none other than Trump’s predecessor, Barack Obama, to wit:

The White House has announced that following his State of the Union address, President Barack Obama will travel to the Phoenix area on Wednesday to deliver remarks at Intel Corporation’s Ocotillo campus in Chandler, Ariz. President Obama visited Intel’s Oregon campus in 2011, during that visit, Intel announced a $5 billion investment to build Fab 42 in Chandler, Ariz. This visit presents an opportunity for Intel to showcase progress on the construction of Fab 42 and the investment in action.

And here is the Obama press release from 2012:

In 2011, Intel announced a more than $5 billion investment to build the new chip manufacturing facility, called Fab 42, in Chandler, bringing thousands of construction and permanent manufacturing jobs to Intel’s Arizona site. Fab 42 will be the most advanced high-volume semiconductor manufacturing plant in the world. The construction of this complex, high-tech facility will require thousands of people to put in more than 10 million hours.

Intel currently builds most of its chips in factories in Oregon, Arizona and New Mexico. According to Bloomberg, it also has plants in Ireland, Israel and China as well as test and assembly facilities in China, Malaysia and Vietnam.  Last year, the Santa Clara, CA-based company said it plans to boost spending in 2017 on new plants and equipment to about $12 billion, an increase of about $2 billion from last year. Intel has about 106,000 employees around the world. It noted that the expansion would not contribute to an incremental capex outlay.

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