Intel to invest $500million in Irish Fab plant
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Intel has announced that it will begin work on a two year, $500million upgrade on its previously closed Fab 14 plant in Leixlip, Ireland.
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Irish Prime Minister, Brian Cowen said the investment will support 850 construction jobs as well as 200 new high skilled employees and called the announcement by the US company a 'watershed moment' for Intel's relationship with Ireland.
"Intel's investment demonstrates that Ireland remains a competitive location for advanced manufacturing," Cowen said. "This is a cornerstone of the smart economy strategy which recognises that manufacturing will play a fundamental part in our economic future."
He emphasised the Government's commitment to provide a stable and competitive location for foreign direct investment. "We are also investing in R&D and innovation to ensure that major international companies like Intel continue to create jobs in Ireland," he said.
Intel's investment follows a record $11.5billion quarter which was the firm's best ever financial performance. Full year revenue was reported as $43.6bn, up $8.5bn from 2009.
The creation of jobs has been widely welcomed in Ireland as a much needed boost to the economy.