Intel’s $25 billion factory in Israel seems to be on hold, as recent canceled contracts with suppliers for equipment and materials suggest a halt. Israeli financial news site Calcalist said on Monday that the Ministry of Finance is aware of this situation.
Despite a planned $25 billion investment in Kiryat Gat, Intel’s December announcement for a new Israeli factory is stalled. The project included $3.2 billion in government incentives and Intel’s commitment to buy 60 billion shekels in Israeli goods and services over ten years.
Intel told Calcalist: “The scope and rate of expansion of Intel’s production at the company’s sites around the world depend on a number of changing factors.” The company added: “Our decisions are based on business conditions, market dynamics, and responsible capital management.”
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