By Asa Fitch
Intel pushed the completion date for a $28 billion chip plant in central Ohio to 2030, slowing its manufacturing growth as challenges mount for the iconic American chip-maker.
Intel initially hoped to finish the project this year but previously delayed it until late 2026, The Wall Street Journal reported. The company cited belt-tightening and alignment with market demand as reasons for the latest slowdown.
The company's shares climbed about 2% in midday trading Friday.
Intel is a company in transition. Chief executive Pat Gelsinger was ousted in December, and his permanent replacement has yet to be named. Discussions have intensified recently about the possibility of Intel tying up with the world's largest contract chip-maker, Taiwan Semiconductor Manufacturing Co., and selling part of its business to Broadcom.
Intel's stock has taken off since those discussions emerged. It is up about 20% in the past month.
The Ohio project is part of an aggressive expansion of Intel's manufacturing footprint under Gelsinger, funded partly by the U.S. government. The company is the largest beneficiary of a $39 billion grant program under 2022's Chips Act; receiving money from it requires Intel to meet construction and production milestones.
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(END) Dow Jones Newswires
February 28, 2025 13:18 ET (18:18 GMT)
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