Intel‘s promised $28 billion chip fabrication plants in Ohio are facing further delays, with the first factory in New Albany expected to not be completed until 2030, local media outlet The Columbus Dispatch reported on Friday.
The first factory will begin operations sometime shortly thereafter in either 2030 or 2031, the report said, citing the chipmaker.
Shares of the company, which originally scheduled to begin chipmaking in Ohio factories in 2025, were up more than 5%.
Intel has been cutting capital expenses after its expensive bid to become a contract chip manufacturer for other companies, in a move to restore its lost glory, strained its balance sheet.
The changes were made so Intel can align its factory operation with market demand and better “manage capital responsibly”, the report cited Naga Chandrasekaran, general manager of Intel Foundry Manufacturing, as saying in a message to workers.
The company’s second Ohio factory will not be completed until at least 2031 and will begin running in 2032, according to the report.
Intel did not immediately respond to a Reuters request for comment.
Last year, the company laid off 15% of its workforce, suspended dividend and initiated an extensive cost-savings plan involving massive cuts to its capital expenditure in the coming years.
Its finance chief David Zinsner told Reuters last month that the company’s goal was to ensure operating expenses were at roughly $17.5 billion for 2025.
—Arsheeya Bajwa, Reuters
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