With the help of a grant from the Israeli government, Intel is laying the groundwork for a massive expansion in Israel.
By Joseph Wolkin, World Israel News
Tech giant Intel will begin to expand its operations in Israel.
The California-based company will receive a $185 million grant from the Israeli government in exchange for a massive expansion of its production operations. Overall, Intel will spend an estimated $5 billion on the project, according to Reuters.
The company is considered to be one of Israel’s largest employers. Currently, Intel employs approximately 10,000 people, with that number expected to grow substantially thanks to this latest approval for the grant by the Jewish state’s finance committee.
Intel’s first move is an upgrade for its Kiryat Gat plant in southern Israel, improving its manufacturing processes in the country.
Intel said its goal is to add 250 new employees to its staff. Many of Intel’s products are created in Israel.
Intel’s investment in Israel will be spent in the country. The tech giant expects to purchase 2.1 billion shekels in locally manufactured products throughout the state.
There’s still more room to grow according to Economy Minister Eli Cohen, who said last week that he believes Intel could expand further.
Intel has been in Israel since 1974. It started its Israeli operations in the northern city of Haifa, beginning with five people.