Benzinga | Jan 21, 2022 05:27AM EST

Intel To Spend $20B On Ohio Plant: Report

* Intel Corp (NASDAQ:INTC) looks to spend $20 billion on a chipmaking hub on the outskirts of Columbus, Ohio, Time reports.

* Intel will build at least two semiconductor fabrication plants. The hub will likely grow to be the world's biggest silicon-manufacturing site.

* Intel will begin constructing two fabrication plants on a 1,000-acre site in New Albany, likely to be operational by 2025.

* Related Content: Intel's France, Germany, Italy Plans: All You Need To Know

* Intel will use the location as a hub to research, develop and manufacture its most advanced chips and have the option to expand to 2,000 acres and up to eight fabs.

* The planned investment includes 3,000 permanent jobs on the 1,000-acre site in New Albany, Ohio.

* Intel considered 38 sites before picking New Albany, Ohio, in December.

* Ohio has agreed to invest $1 billion in infrastructure improvements to facilitate the factory.

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) has earmarked over $40 billion for capital expenditures in 2022. Intel looks to spend up to $28 billion.

* Price Action: INTC shares traded higher by 0.60% at $52.35 in the premarket session on the last check Friday.