Thanks: Intel to Invest $7 Billion in American Plants
Some actual good news for the American economy as Intel has announced they will spend $7 billion building and revamping plants to build its new 32 nanometer chips here in the United States.
The plan will create an estimated 7,000 new high-wage jobs in places like my home state of Oregon, Arizona, and New Mexico.
Intel has managed to weather the financial crisis fairly well by holding $15 billion in liquid assets, so while most companies are scraping by, Intel is able to announce large scale investing. Interestingly, Intel President and CEO Paul Otellini made the announcement in Washington as the economic stimulus is being debated.
Despite the good news, Intel’s sales were down 23% and net income fell 90%. They are also cutting 5,000 jobs from older chip manufacturing plans in Asia and United States. Not all the news from Intel is good, but it’s better than it could be.
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