Trump touts new jobs as Intel resurrects Arizona chip factory

REUTERS

REUTERS

Intel CEO Brian Kraznich stood next to President Trump in the Oval Office Wednesday to announce that the chip maker would spend $7 billion to complete a mothballed plant in Chandler, Ariz. that was begun in 2011.

"The completion of Fab 42 in 3 to 4 years will directly create approximately 3,000 high-tech, high-wage Intel jobs for process engineers, equipment technicians, and facilities-support engineers and technicians who will work at the site".

Days after Intel became one of the top tech companies in the United States to sign on to legal papers opposing President Trump's executive order temporarily banning residents of seven predominantly Muslim countries from visiting the US, the company's CEO was in the Oval Office expressing support for Trump.

"That's why we support the Administration's policies to level the global playing field and make USA manufacturing competitive worldwide through new regulatory standards and investment policies", Krzanich continued.

"We think we need to be part of the conversation on issues such as immigration ... and other policies that are essential to innovation". Reports said Intel shelved development of the plant in 2014, some three years after announcing plans for Fab 42.

Mexico, US deny Trump threatened to send troops across border
White House chief strategist Steve Bannon and Trump's son-in-law Jared Kushner were allegedly both on the call. The tone and context of the remark wasn't clear, nor exactly who Trump was calling " bad hombres ".


Intel's previously cancelled Fab 42, which calls Chandler, Arizona home, is back on again.

Trump introduced Krzanich as the CEO of a "great, great company" and stressed the positive impact the investment would have on Arizona jobs. Intel's latest retrofit job was done in China, Moorhead said.

The announcement also gives a time frame for when Intel will make its first 7-nm chips.

Intel joined more than 100 companies to file a legal brief opposing Trump's January 27 executive order, which barred entrants to the United States from seven majority-Muslim countries. The stock ended the day up just 0.08 percent, underperforming overall gains by the tech-heavy Nasdaq Composite.

"Fab 42 is an investment in our own future and will help ensure that the US remains the global leader in the semiconductor industry", Krzanich wrote in a letter to employees. The chips will "enable things like artificial intelligence, more advanced cars and transportation services, breakthroughs in medical research and treatment, and more", Krzanich said in an email to Intel's employees.

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