Intel prepping ‘business plan’ for Israel investment
JERUSALEM (AP) — Intel Corp. says it is preparing a new investment in the company’s main Israeli manufacturing site.
The U.S. chip maker said in a statement Tuesday it will submit a “business plan” to the Israeli government for its site in the southern town of Kiryat Gat. The move follows an earlier announcement that it is planning expansions in Oregon, Ireland and Israel.
Yaniv Garty, Intel Israel’s general manager, says the plan “is expected to yield great economic and social value” for Israel and Kiryat Gat.
Israel’s finance minister, Moshe Kahlon, said Intel had pledged to invest some 40 billion shekels, or nearly $11 billion, after a year of negotiations.
Intel has declined to disclose details of the project, including schedules, costs and technologies.