Intel puts construction of chip factory in Magdeburg on hold
Intel is postponing the construction of a planned plant in Magdeburg for at least two years, even though the German government had promised 10 billion euros in subsidies.
The project was to cost 30 billion euros and create 3000 jobs. Due to financial problems and losses, Intel has launched an austerity program and cut 15,000 jobs worldwide.
In addition to the delay in Germany, plans in Poland have also been suspended, while investments in the USA will continue. Magdeburg was part of Intel's strategy to utilize modern production processes and compete as a contract manufacturer against rivals such as TSMC.
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