By Mauro OrruIntel said it had reached an agreement with Germany to invest more than 30 billion euros ($32.83 billion) in two semiconductor facilities in the country, expanding its European production footprint at a time when the European Union is seeking to become more self-sufficient in chip production. "Intel's semiconductor production in Magdeburg is the single largest foreign direct investment in German history," said German Chancellor Olaf Scholz. The new facilities in Germany will work closely with Intel's chip factory in Leixlip, Ireland, and the planned Polish plant. Supply-chain snags during the Covid-19 pandemic helped spur governments in the U.S. and Europe to set aside funding to subsidize local chip production that had largely migrated to Asia. U.S. and European Union officials agreed to work closely to strengthen semiconductor supply chains, including sharing information about their respective programs to provide subsidies and promote domestic chip production.

Source: Wall Street Journal June 19, 2023 14:03 UTC