Intel will invest more than 30 billion euros ($33 billion) in Germany as part of its expansion push in Europe, the U.S. company said on Monday, marking the biggest investment by a foreign company in Europe's top economy.
Frankfurt-listed Intel shares were 0.4% higher at 1419 GMT.
Initially, Intel wanted to invest 17 billion euros in the Magdeburg plant, an amount that has nearly doubled to more than 30 billion. The first facility in Magdeburg is expected to enter operation 4-5 years after the European Commission's approval of the subsidy package, Intel said. Intel announced plans last year to build a big chip complex in Germany and facilities in Ireland and France as it seeks to benefit from easier European Commission funding rules and subsidies. The EU is trying to reduce its dependence on U.S. and Asian chips supply.
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