Chip giant Intel has announced a $3.5 billion investment to boost its manufacturing facility in Rio Rancho, New Mexico. The multi-year investment is intended to modernize the facility for the production of advanced semiconductor packaging technologies, including its 3D packaging technology called Foveros.
The investment follows a further announcement by Intel earlier this year that it would build two new semiconductor plants in Arizona at a cost of $20 billion. This series of investments is part of Intel’s new CEO Pat Gelsinger’s overhaul of the company’s Integrated Device Manufacturing (IDM) model, including the creation of a new semiconductor manufacturing company called Intel Foundry Services.
“We are proud to have invested in New Mexico for more than 40 years and we see our Rio Rancho campus continuing to play a critical role in Intel’s global manufacturing network in our new era of IDM 2.0,” said Keyvan Esfarjani, Intel senior vice president and general manager of Manufacturing and Operations.
The investment in New Mexico comes just weeks after Gelsinger promised his company would ramp up production at existing units in an effort to help companies get out of the current semiconductor chip shortage.
Gelsinger called 2021 a “pivotal year” for the company last month, as Intel beat analysts’ revenue expectations for the first quarter of 2021, thanks largely to strong growth in PC sales.
The Rio Rancho facility is one of Intel’s oldest manufacturing facilities and, according to the company, currently develops and produces Intel Optane SSD technology, embedded multi-die interconnect bridge, and Intel silicon photonics technology.
In a press release, the chipmaker shared that the new investment will create at least 700 high-tech jobs in the state, in addition to 1000 construction jobs, while supporting another 3500 jobs in the state.
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