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Intel Pledges $7 Billion Arizona Investment in Trump Meeting
09 February 2017, 12:35 | Chelsea Hernandez
The Intel logo hangs over the company's stand at the 2016 CeBIT digital technology trade fair
Intel announced plans for this new facility after the company's CEO Brian Krzanich met with President Donald Trump on Wednesday.
Intel CEO Brian Krzanich, left, stands next to President Donald Trump to announce a next-generation chip factory.
The factory will produce 7-nanometer chips that Krzanich said "will be the most powerful computer chips on the planet", according to CNBC. Intel has 50,000 employees and supports almost half a million ancillary jobs in the U.S.
Trump called the announcement a "great thing" for Arizona.
Intel has announced that it will invest $7 billion in a factory in Chandler, Arizona. "Our factories support jobs - high-wage, high-tech manufacturing jobs that are the economic engines of the states where they are located".
Asked about the timing of Intel's investment at the White House Wednesday, Krzanich said that Intel held back on "doing this investment until now".
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"We're very happy and I can tell you the people of Arizona are very happy", the president said.
Krzanich also took a moment to note that the company sells more than 80% of its products outside of the USA, making it one of the top five exporters.
"We support the Administration's policies to level the global playing field and make USA manufacturing competitive worldwide through new regulatory standards and investment policies", Krzanich wrote in an email to Intel employees.
When asked if Intel would bring jobs back to the United States that are now overseas, Krzanich did not directly answer the question, saying "this position is actually about growth and new jobs in the U.S". "We believe that we must be part of the conversation to voice our views on key issues such as immigration, H1B visas and other policies that are essential to innovation".
One prominent Trump opponent expressed sympathy for Intel, but warned that a perceived alignment with the President could hurt the company's brand. "We know that American jobs are very important and that some companies will need to make decisions like this based on new policies from the White House".
Intel's latest press conference was its most well-appointed yet.
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