Intel announces aggressive expansion plans
The company’s shares surged more than 6% after hours
Stocks impacted: Intel (INTC)
The U.S. chip-making giant announced aggressive plans to expand its manufacturing capacity to take back its leadership position in the industry. In particular, the firm will create 1,600 high-tech jobs and more than double the manufacturing space at its Irish operation as part of a global plan to accelerate its chipmaking capabilities. Intel currently employs just under 5,000 people in the country. The semiconductor giant is investing $7 billion in the Irish business over the three years to the end of 2021. Irish government ministers have welcomed Intel's announcement. The company also plans to invest $20 billion to expand its Arizona-based advanced semiconductor manufacturing capacity. With this new expansion, Intel will employ nearly 16,000 Arizonans and will have invested more than $50 billion in the state. Following the announcements, the company’s shares surged more than 6% after hours.
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