– Intel is suspending its key investments in Europe for two years – including the construction of a factory in Poland – due to the company’s global financial problems – said Krzysztof Gawkowski, Deputy Prime Minister and Minister of Digital Affairs, at the 10th Congress. As he noted, he was informed about this by Pat Gelsinger, Intel’s CEO.
Intel Factory was to be built in Miękinia near Wrocław. It was to be a Semiconductor Integration and Testing Plant. It was to be the largest direct foreign investment in Poland. As Intel estimated in June 2023, it was to be worth around PLN 20 billion. Its construction was to be supported by public aid – PLN 7.4 billion was to be allocated from the state budget.
– For the past few months, we have been working on preparing strategic semiconductor investments. Last week, we received the green light from the European Commission to submit an application for state aid for Intel – Gawkowski recalled. Last Friday, MC announced a press conference on this matter. – Last week, we received the green light from the European Commission to submit an application for public aid for Intel. This experience allows us to efficiently implement similar projects and we will work on this in the future – assures Gawkowski.
Intel with problems
Intel has global financial problems. Its shares have fallen 60 percent this year. Intel has become the worst-performing stock on the Dow Jones Industrial Average. The company suspended its dividend and last month announced layoffs of 15 percent of its workforce. In early September, Reuters reported that Intel CEO Pat Gelsinger and key executives were expected to present a capital spending revamp plan to the company’s board later this month.
Intel is also postponing construction of a factory in Magdeburg, Germany. Here, too, it was reported that the investment would be delayed by about two years.
