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Israeli government approves $208 million grant for Intel

Posted on Sunday, January 02 2011 @ 20:59:25 CET by


Israeli business newspaper Globes reports the Israeli government has granted Intel 741 million shekel (about US$208.47 million) for the chip giant's investment in the 300mm Fab 28 in Kiryat Gat.
Intel will receive a NIS 741 million grant, as part of its $2.7 billion investment in Fab 28 in Kiryat Gat. Intel Israel promised to employ 3,100 persons at the upgraded fab and boost R&D investment. The company also promised to make a "best effort" of more than NIS 1 billion in reciprocal procurements.

TowerJazz will receive a grant of NIS 150 million as part of its $420 million investment to expand its Fab 2 in Migdal Ha'Emek. The company promised to employ 1,430 persons at the fab, including Israeli Arabs.
However, EE Times reports Intel has been asking for roughly double as much:
Intel has been operating in Israel since 1974. Fab 28 was announced several years ago. But for some time, Intel has been asking for more. It has been asking for $400 million out of an expected $2.7 billion cost of building and equipping its second fab in the southern Israel location.

So there is a dispute. The Ministry of Industry, Trade and Labor is reportedly offering only between $200 million and $250 million.




 



 

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