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April 30, 2014 11:16 pm

Intel to Invest $6 Billion to Upgrade Production Facility in Israel

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Intel stand at GSMA Barcelona 2008. Photo: wiki commons.

JNS.orgU.S. chipmaker Intel announced on Wednesday that it plans to invest $6 billion to upgrade its facility in southern Israel.

Intel said it planned to “upgrade the Kiryat Gat facility to meet future needs,” but didn’t specify any technical details of the project in the announcement.

Intel, which began operating in Israel in 1974, has four development centers and two production plants in the Jewish state that employ 9,855 people and produce $1 billion annually.

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Israeli Prime Minister Benjamin Netanyahu welcomed the news of the investment.

“Israel is a focal point of global technology, and investing in it generates profits both to the investors and the citizens of Israel,” Netanyahu said.

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