Ireland move from Intel
It was stated that Intel, one of the world’s largest microchip manufacturers, is negotiating an agreement in which Apollo Global Management will provide more than $11 billion to help establish a chip factory in Ireland.
Intel will provide more than $11 billion to help Apollo Global Management build a chip factory in Ireland, the Wall Street Journal reported Monday.
The move comes as Intel is trying to expand its presence in the United States, planning a $100 billion spending spree across four states to boost its manufacturing business and catch up with chipmaker rival TSMC.
The news, based on sources familiar with the matter, stated that Intel and Apollo were in private negotiations for an agreement that could be signed in the coming weeks.
The company had announced plans to establish chip facilities in Ireland and France in 2022 to benefit from the European Commission’s easier financing rules and subsidies.
The company’s revenue in the first quarter of the year increased by 9 percent compared to the same period last year, reaching 12.7 billion dollars. Intel generated $11.7 billion in revenue in the January-March period last year. The microchip manufacturer’s loss per share was calculated as 9 cents in this period. The company reported a loss of 66 cents per share in the first quarter of last year.