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Intel to invest $7 billion in U.S. as recession deepens
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| Parent(s) |
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| Contributor | Servo |
| Last Edited | Servo Feb 11, 2009 05:51pm |
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| Category | News |
| Media | News Service - Reuters |
| News Date | Tuesday, February 10, 2009 11:50:00 PM UTC0:0 |
| Description | Intel Corp (INTC.O) plans to invest $7 billion over two years to build next-generation U.S. chip manufacturing plants, unveiling its biggest spending plan for new technology amid a deepening economic recession and huge internal job cuts.
Intel, larger rival to Advanced Micro Devices (AMD.N) in the business of making computer microprocessors, wants to make faster, smaller chips that consume less energy.
Analysts say the spending plan did not surprise markets, as it came on the heels of Intel's announcement it would begin ramping up its operations to produce chips based on 32-nanometer circuitry by 2009's final quarter, and was in line with the firm's annual capital expenditures.
Spokesman Chuck Mulloy said the firm would not raise capital but rely on internal cash to bankroll the plan, which the firm called its largest-ever investment for a new manufacturing process.
Intel, which said in January that its 2009 capital spending would be flat to slightly down from 2008's $5.2 billion, had more than $8.68 billion in cash, cash equivalents, and short-term investments at the end of 2008.
"You never save your way out of recession. You invest your way," Mulloy said. |
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