Intel Plans Investing $20 Billion on Chip Manufacturing Site in Ohio

Intel Corp on Friday is set to announce that the company will invest $20 billion in a massive new manufacturing site near Columbus, Ohio to develop and manufacture advanced semiconductor chips, sources briefed on the matter told Reuters.

The planned investment includes 3,000 permanent jobs on the 1,000-acre site in New Albany, Ohio. Time magazine, which first reported this news said that Intel will build at least two semiconductor fabrication plants.

The White House said earlier that the President Joe Biden is making remarks Friday on the U.S. government's efforts "to increase the supply of semiconductors, make more in America, and rebuild our supply chains here at home."

Intel Chief Executive Pat Gelsinger is set to appear with Biden on Friday at the White House, sources told Reuters. The White House did not respond to a request for comment. The initial $20 billion is the first step of what could be an eight-factory complex costing tens of billions of dollars.

Intel declined to comment on its plans but said in a statement that Gelsinger would disclose details Friday of "Intel’s latest plans for investment in manufacturing leadership" as it works "to meet the surging demand for advanced semiconductors."