(Updates with additional details throughout the story.)

Intel (INTC) said Friday it will continue construction of its $28 billion chip factories in Ohio at a "slower pace" and now expects to complete the facilities in 2030 at the earliest.

The first facility, Mod 1, is expected to finish in 2030, with operations beginning between 2030 and 2031, while Mod 2 is projected to be completed in 2031 and start operations in 2032, Intel Foundry Manufacturing Chief Global Operations Officer Naga Chandrasekaran said.

Construction of the fab's basement was completed in the previous quarter and work above ground is ongoing, he said.

Intel aims to align the start of production at the new facilities with business needs and market demand, according to Chandrasekaran.

Shares of the company were up 3% in recent trading.

Price: 23.80, Change: +0.71, Percent Change: +3.05