The announcement is part of Chief Executive Officer Pat Gelsinger’s bid to reverse losses by developing the latest technology. The plant in Magdeburg, Germany will attempt to produce chips smaller than 2 nanometers, something the company has yet to achieve.
Intel Corp pledged to invest 17 billion euros (US$18.7 billion) to build a cutting-edge semiconductor production site in Germany, marking the beginning of Europe’s ambitious attempt to lure global chipmakers back to the region.
The Santa Clara, California-based company has committed to spend 33 billion euros in a number of European countries, part of a plan to devote 80 billion euros to the region over the next decade. France will become home to a new chip research centre, and the company will expand its existing production site in Ireland. Intel also announced it is negotiating with Italy about opening a new packaging site.
