Italy may fund up to 40 percent of Intel’s total investments. An agreement is expected by the end of August.
(Foto: Bloomberg)
Rom According to insiders, Italy is close to a deal with the US company Intel to build a large semiconductor factory. The US chipmaker’s initial investment in Italy will be $5 billion, two people familiar with the matter told Reuters on Thursday. The government of outgoing Prime Minister Mario Draghi is working on an agreement by the end of August, ahead of snap elections scheduled for September 25.
The locations currently being considered by Rome for the large-scale project are the northern Italian regions of Piedmont and Veneto. Draghi’s office and Intel declined to comment.
In March, sources told Reuters that Rome was willing to fund up to 40 percent of Intel’s total investment in Italy, which would be increased over time from the original $5 billion. However, the final size of the investment and how Italy will pay for its share are not yet clear. Rom is also in talks with the chip manufacturers STMicroelectronics, MEMC Electronic Materials Inc and TSMC and Tower Semiconductor, which has since been taken over by Intel.
The project in Italy is part of a broader plan by the US chipmaker to invest $88 billion to build manufacturing capacity in Europe to reduce its reliance on Asian suppliers. The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030 as part of the so-called Chips Act. The government in Rome has budgeted 4.15 billion euros for the period up to 2030.
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