Intel Corp is halting the expansion of a major factory project in Israel, which was going to pump an extra US$15 billion into a chip plant.
The chip giant in December last year said it was going to expand a US$10 billion plan at the Kiryat Gat site, in the south of the country, which is currently under construction.
Intel on Monday gave no reason for the pause and made no link to Israel’s conflict with Hamas in Gaza.
Photo: Reuters
“Israel continues to be one of our key global manufacturing and R&D [research and development] sites and we remain fully committed to the region,” Intel said in a statement.
“Managing large-scale projects, especially in our industry, often involves adapting to changing timelines,” the company said. “Decisions are based on business conditions, market dynamics and responsible capital management.”
Israel is Intel’s third-largest country of operation by asset size, after the US and Ireland, it said in its annual report.
The semiconductor giant has had a presence in Israel for 50 years, since the opening of a research center in Haifa.
During the 2010s, it became the leading employer in Israel’s thriving tech sector, Intel’s Web site says.
In 2017, the US company paid US$15.3 billion to take control of Israeli start-up Mobileye Global Inc, which specializes autonomous driving and in driver assistance systems.
Intel floated part of Mobileye’s capital on the New York Stock Exchange in October 2022, but retains control of the company.
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