Italy, Intel Nears Chip Plant Deal - Report - Intel (NASDAQ:INTC)

Italy neared a deal with Intel Corp INTC to build an advanced semiconductor packaging and assembly plant in the country, Reuters reports.
The deal was initially worth $5 billion.
The investment is part of Intel's broader plan to invest $88 billion in building capacity across Europe as it struggled to cut its reliance on Asian chip imports and ease the global semiconductor chip crisis.
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Intel looks to invest €17 billion into a leading-edge semiconductor fab mega-site in Germany, a new R&D and design hub in France, and R&D, manufacturing, and foundry services in Ireland, Italy, Poland, and Spain, creating 7,000 construction jobs, 3,000 permanent high-tech jobs.
The outgoing Prime Minister Mario Draghi's government worked to forge an agreement by August, ahead of a snap national election in September.
Rome is reportedly ready to fund up to 40% of Intel's total investment in Italy.
Intel and the government had zeroed on possible sites in two Italian regions located in the northern regions of Piedmont and Veneto.
They had initially considered Lombardy, Apulia, and Sicily regions.
The European Commission has earmarked €15 billion in additional public and private investment by 2030 under the so-called Chips Act on top of €30 billion of public investments.
Rome earmarked €4.15 billion until 2030 to attract chipmakers.
Price Action: INTC shares traded higher by 0.11% at $35.70 in the premarket on the last check Friday.
Photo via Wikimedia Commons

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