– Intel (NASDAQ:INTC) plans a $5B production expansion at its Kiryat Gat plant in Israel over the next three years, according to Israeli Economy Minister Eli Cohen.
– The U.S. semiconductor firm has said it planned to upgrade the facility to 10-nanometer technology from 22-nanometer, making chips that are smaller and faster.
– Intel received a state grant worth 5 percent of the $6 billion it invested in upgrading the plant in 2014, when it was also granted a reduced corporate tax rate of 5 percent for 10 years.
– Intel is expected to receive a further grant of up to 10 percent of the $5 billion value for the latest expansion. A ministry spokeswoman said the precise amount would depend on Intel’s final expansion proposals.