- Mario Draghi's outgoing government and Intel Corp INTC zeroed on Vigasio in northeastern Veneto for a new multibillion-euro chip factory in Italy.
- Intel's investment in Italy is part of its broader plan to invest up to €80 billion ($77.5 billion) over the next decade, Reuters reports.
- With an initial investment worth €4.5 billion, Intel expects the Italian plant to create 1,500 jobs plus an additional 3,500 jobs across suppliers and partners, with operations to start between 2025 and 2027.
- The Italian factory would be an advanced semiconductor packaging and assembly plant.
- Located near Verona, on the strategic Brenner motorway and railway, the Vigasio site is well connected with Germany, particularly with the city of Magdeburg, where Intel will build two factories.
- The other preferred option is in the northwestern Piedmont region.
- Intel and the government had also initially considered sites in the Lombardy, Apulia, and Sicily regions.
- Intel scaled back valuation expectations for its Mobileye initial public offering amid a broader stock recession and could delay the share sale until 2023 from the prior mid of 2022, pending recovery.
- Price Action: INTC shares closed lower by 1.96% at $27.52 on Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.