Market News

Intel (NASDAQ: INTC) Could Setup Chip Plant in Italy

On Monday, Reuters reported that Intel (NASDAQ: INTC) and the outgoing government of Mario Draghi would be setting up a multi-billion Euro chip factory in the Vigasio town in the northeastern region of Veneto in Italy.

Intel will be initially investing €4.5 billion and this investment could increase over time. According to the report, Intel expects to create 1,500 jobs with an additional 3,500 jobs across suppliers and partners. The plant operations are expected to start between 2025 and 2027.

Intel’s Italian factory is expected to be an assembly and advanced semiconductor packaging plant.

Reuters reported that Draghi’s government and Intel “had detailed a comprehensive agreement in early September, but no public announcement would be made before the outcome of Sunday’s general election.”

The report stated that Draghi’s successor is likely to have a say before a deal is finalised.

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