Emily Dattilo
Chip maker Intel said it's delaying the construction of Ohio One, a $28 billion semiconductor factory project, by about five years.
Intel stock gained 3.6% to $23.92 in Friday trading on a strong day for the chip sector in general.
Intel now plans to complete construction of one factory in New Albany, Ohio, in 2030, and begin operations between 2030 and 2031, the company said in a press release. Originally, production was scheduled to start this year. A second factory will be completed in 2031, and begin operations in 2032.
"As we continue to invest across our U.S. sites, it's important that we align the start of production of our fabs with the needs of our business and broader market demand," Intel said in a press release. "This has always been our approach, as it allows us to manage our capital responsibly and adapt to the needs of our customers."
"We are taking a prudent approach to ensure we complete the project in a financially responsible manner that sets up Ohio One for success well into the future," the company added.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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(END) Dow Jones Newswires
February 28, 2025 12:51 ET (17:51 GMT)
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