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Intel plans $11 billion manufacturing plant in Israel

Israeli sources state Intel will invest $11 billion in a new plant, creating 1000 new jobs

By Anthony Garreffa from Jan 29, 2019 @ 23:24 CST

Intel is rumored to be tooling up a new manufacturing plant in Israel later this year, with a reported $11 billion investment into the country that will see the Israeli government selling up with a $1 billion grant that would make this the "largest single investment ever made in Israel".

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The new manufacturing plant will reportedly be built in the southern city of Kiryat Gat, Israel where Intel will create 1000 jobs, a number that will add onto the current 13,000 employees in Israel. Intel has previously asked the Israeli government to chip in 10-15% of the expected cost of the facility, but Israel instead offered a 5% grant with a further 5% tax credit for a promise of jobs and operation of the plant for at least 12 years.

Israeli Finance Minister, Moshe Kahlon, said on Tuesday that Intel h ad applied for a grant from the Israeli government to the tune of around $1 billion, for a new fab that would cost $11 billion. Kahlon said: "The moment the company comes to Israel and invests $10 billion, and it receives a grant of 9%, that means 91% of it stays here. There are always such discounts, there are always incentives".

NEWS SOURCES:Anandtech.com


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