Intel Corp (NASDAQ:INTC) shares are trading higher Tuesday following reports that the company is set to receive a grant from Israel’s government to build a new chip plant.
What To Know: The Israeli government has agreed to provide Intel with a $3.2 billion grant to help the chipmaker build a new $25 billion chip plant in southern Israel, according to Reuters.
Intel reportedly said the expansion plans are an important part of the company’s efforts to build a more resilient global supply chain.
In addition to the grant from Israel, Intel committed to spending 60 billion shekels ($16.6 billion) through Israeli suppliers over the next decade. The new manufacturing plant is also expected to create thousands of jobs in the area.
Intel reportedly said construction of the new facility is already underway. The new plant is expected to be open in 2027 and operate through 2035.
See Also: Nvidia On Track To Topple Samsung, Intel As Biggest Chipmaker By Revenue; Will The Momentum Continue In 2024?
INTC Price Action: Intel shares were up 2.21% at $49.06 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Intel.
