Intel to pump $6 bn into Israel

May 01, 2014

US computer chip giant Intel is to invest close to $6 billion in upgrading its Israeli production facilities, Israeli Economy Minister Naftali Bennett said on Thursday.

"Intel chose to set up its most advanced production line in Israel in the face of tough competition," Bennett told public radio.

"It's an investment of billions of shekels... in Israeli hi-tech," he added.

Facebook comments by Bennett, which were reposted by Intel Israel on its website, put the figure at 20 billion shekels ($5.8 billion, 4.1 billion euros).

"Twenty billion shekels will be invested in Israel, one of the biggest—if not the biggest—investments in the country's history," he wrote, saying the plant would become the "most advanced" in the world.

Intel itself made no public statement on the investment.

"This is a vote of confidence in the Israeli economy and in Israeli brains," Finance Minister Yair Lapid wrote on his Facebook page.

He said that thousands of new jobs would be directly created and tens of thousands indirectly.

Intel's Israel Development Centre, opened in 1974 in the northern port city of Haifa, was the company's first design and development centre outside the United States.

It has facilities in Jerusalem, the central town of Petah Tikvah and in Yakum, north of Tel Aviv, as well as a large manufacturing plant in Kiryat Gat in the south.

The company website says it currently has 9,885 employees in Israel.

Explore further: Israeli hi-tech surfing wave of buyer interest

add to favorites email to friend print save as pdf

Related Stories

Israeli hi-tech surfing wave of buyer interest

Dec 02, 2013

Israeli hi-tech has become the target of a buying frenzy, with startups sparking investment bids and a flurry of mergers and acquisitions unseen since the dotcom bubble burst in 2000.

Intel acquires Israeli mapping company Telmap

Oct 03, 2011

Intel, the world's largest chipmaker, is in the process of acquiring Israeli mobile mapping firm Telmap, the two companies confirmed on Monday, in a deal reportedly worth about $300 million.

Apple buys Israeli start-up for $400 mn: reports

Dec 21, 2011

US giant Apple has finalised its first Israeli acquisition, agreeing to buy flash memory maker Anobit for about $400 million (307 million euros), local financial media reported on Wednesday.

Recommended for you

Sony's quarterly loss balloons on mobile woes

1 hour ago

Sony's losses ballooned to 136 billion yen ($1.2 billion) last quarter as the Japanese electronics and entertainment company's troubled mobile phone division reported huge red ink.

Will Apple Pay be mobile pay's kick-start?

8 hours ago

If anyone can get us to use our smartphones as wallets, it's Apple. That's what experts think about the recent launch of Apple Pay, the first mobile wallet to work on an iPhone.

Google execs discuss regulation, innovation and bobble-heads

10 hours ago

Eric Schmidt and Jonathan Rosenberg help run Google, one of the world's best-known, most successful - and most controversial - companies. They've just published a new book, "How Google Works," a guide to managing what they ...

LinkedIn reports 3Q loss but sales climb

11 hours ago

LinkedIn Corp. posted a third-quarter loss on Thursday, but its results were better than expected as revenue grew sharply, sending shares of the online professional networking service higher in extended trading.

User comments : 3

Adjust slider to filter visible comments by rank

Display comments: newest first

aaaaagggggx
not rated yet May 01, 2014
WHY NOT in AMERICA?! Why does INTEL HATE America? That factory should be built HERE.
COCO
not rated yet May 02, 2014
indeed - what next a BDS inside label?
Modernmystic
not rated yet May 02, 2014
I guess all Toyoda, Honda, etc. etc. etc. factories should be built in Japan too?

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.