Tuesday, June 11, 2024
Year : 2, Issue: 24
Israeli local media on Tuesday reported that the US technology giant Intel has halted the construction of its new $25-billion factory in Israel.
According to the Israeli financial daily Calcalist, the Finance Ministry is aware of the company’s decision to halt the establishment of the plant in Israel.
It added that Intel’s suppliers received in the past days notices of the cancellation of contracts for the supply of equipment and materials required for the establishment of the factory.
The completion of Intel’s factory in Israel was expected to be by 2026, the daily added.
It also said “several senior officials at Intel Israel have transferred their jobs to a factory that Intel is establishing in Ohio,” as part of an American program to produce chips in factories in the US.
The Israeli authorities are yet to officially comment on the issue.
Calcalist also quoted a statement by Intel that attributed the issue to “business conditions, market dynamics and responsible capital management.”
Source: Anadolu Agency
