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Biden to attend groundbreaking of Intel's $20 bn Ohio semiconductor plants

Biden will speak on "rebuilding American manufacturing" through recently passed laws boosting the semiconductor industry and US infrastructure

US President, Joe Biden

US President Joe Biden (Photo: Reuters)

AP Columbus
Intel Corp will break ground September 9 on its planned USD 20 billion Ohio semiconductor facilities with President Joe Biden in attendance, the company and the the White House said Thursday.
When the company's two factories, known as fabs, open in 2025, the facility will employ 3,000 people with an average salary of around USD 135,000. Building the fabs is expected to require 7,000 construction workers.
Total investment could top USD 100 billion over the decade with six additional fabs, Intel CEO Patrick Gelsinger has said. It's Ohio's largest ever private economic development project.
Biden will speak on "rebuilding American manufacturing" through recently passed laws boosting the semiconductor industry and U.S. infrastructure, the White House said.
Expanding semiconductor manufacturing domestically took on new urgency during the pandemic and as most production has shifted overseas. The US share of the worldwide chip manufacturing market has declined from 37 per cent in 1990 to 12 per cent today, according to the Semiconductor Industry Association, and shortages have become a potential risk.
To win the project, Ohio offered California-based Intel roughly USD 2 billion in incentives, including a 30-year tax break. Intel has outlined USD 150 million in educational funding aimed at growing the semiconductor industry regionally and nationally.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 26 2022 | 10:34 AM IST

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