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

To: willcousa who wrote (165023)	5/9/2002 7:47:13 AM
From: Road Walker	Read Replies (2) \| Respond to of 186894

Intel To Build Pentium 4 Processors In Shanghai SHANGHAI -(Dow Jones)- Intel Corp. (NasdaqNM: INTC - news) (INTC) said Thursday it will expand an existing plant here in order to assemble and test Pentium 4 microprocessors which are in strong demand. ADVERTISEMENT The U.S. company said in a statement it expects to spend $100 million for the facility, out of a $500 million investment it already announced it will use to set up facilities in China . Intel said it expects the new facility to be finished by the end of this year, with the first commercially available products expected to be produced in the first half of next year. By 2004, the company aims to employ 3,000 people in Shanghai compared with about 1,300 now. "The Shanghai expansion ... demonstrates Intel's continuing commitment to China 's growing technology sector," said Intel chief executive officer Craig Barrett in a statement. Intel has been in China since 1985 and has 13 offices in the country. The factory where the assembly and test facility will be located is in Shanghai 's Waigaoqiao free trade zone and currently produces flash memory for mobile devices and chipsets for Pentium 4 processors, Intel said. Intel's move comes as major foreign companies have been rushing to set up or expand their production facilities in China to take advantage of low labor costs as well as to get a foothold in a huge emerging market. China 's entry into the World Trade Organization last December is also expected to make it easier for foreign firms to do business as Beijing has promised to open up its markets over the next few years. The country is becoming a major producer of high-tech goods. In 2001, production of integrated circuits is estimated to have increased 19% to seven billion units while output of computers is estimated to have risen 16.2% to 10 million units, according to preliminary figures released by China 's Ministry of Information Industry. -By Bureau, Dow Jones Newswires, (86-21) 6218-3268; djnews.shanghai@ dowjones.com