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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Joe NYC who wrote (126645)	2/5/2001 8:03:47 AM
From: Road Walker	Respond to of 186894

Israel willing to give Intel $440 mln plant subsidy (UPDATE: Adds govt comment paragraph 7, background 6, 8-10) TEL AVIV, Feb 5 (Reuters) - Israeli Finance Minister Abraham Shohat will sign a document on Monday outlining the government's willingness to grant Intel Corp (NasdaqNM:INTC - news) a subsidy of nearly $440 million for a new $3.5 billion chip plant, officials said. ``The minister intends to sign today a letter summarising the amount the government would give Intel if it builds this plant in Israel,'' Shohat's adviser Hilik Goldstein said. ``Israel is willing to provide 12.5 percent of the total $3.5 billion investment.'' A spokesman for Intel, the world's biggest maker of microprocessors, said the company has not yet decided whether it will build the new plant in Israel. ``As soon as we have this letter the matter will be taken up by Intel headquarters for study,'' the company spokesman said. ``Intel has to know how much it would get before it makes a decision.'' Goldstein said Intel would have three months to submit a formal proposal for the plant to the Industry and Trade Ministry's Investment Centre. Intel officials have said in the past the company was negotiating with a number of countries for a new plant. Israeli government officials said if Intel goes ahead with the plant, it would be built in the southern town of Kiryat Gat, where the company already has a chip plant. They said the investment would be spread out over three years. Israel's Tower Semiconductor (NasdaqNM:TSEM - news) last week laid the cornerstone for a new $1.5 billion wafer plant it is building in northern Israel for which it is receiving government grants of $250 million. Intel's Israeli subsidiary last year exported a record $2 billion, including $1.3 billion from its Kiryat Gat plant, which produces the Pentium and 150 other chips. Intel has invested $2.7 billion in Israel since it began operations in the country in 1974 and received $800 million in government grants.