Excavators stand side by side at the edge of a field. Chipmaker Intel is halting construction of a factory in Magdeburg. The project is likely to be delayed by two years, CEO Gelsinger announced. Intel is struggling with losses and has launched a cost-cutting program. Klaus-Dietmar Gabbert/dpa
American chip manufacturer Intel is postponing the construction of a factory in Magdeburg, Germany, director Pat Gelsinger announced on Monday.
Gelsinger expects the project to be delayed by about two years.
Intel planned to build two chip factories in Saxony-Anhalt, creating around 3,000 jobs. The foundation stone is scheduled to be laid this year.
But Intel has been struggling with losses and launched a cost-cutting program earlier this year. The company announced in August that it planned to reduce its workforce by 15% as part of a multibillion-dollar cost-cutting program.
A construction vehicle drives over a closed road to an access road to the construction site of the Intel chip factory on the “Eulenberg”. Chip manufacturer Intel is halting the construction of a factory in Magdeburg. The project will probably be delayed by two years, company CEO Gelsinger announced. Intel is struggling with losses and has started a cost-saving program. Klaus-Dietmar Gabbert/dpa
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