Intel to invest $500million in Irish Fab plant

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Intel has announced that it will begin work on a two year, $500million upgrade on its previously closed Fab 14 plant in Leixlip, Ireland.

Irish Prime Minister, Brian Cowen said the investment will support 850 construction jobs as well as 200 new high skilled employees and called the announcement by the US company a 'watershed moment' for Intel's relationship with Ireland. "Intel's investment demonstrates that Ireland remains a competitive location for advanced manufacturing," Cowen said. "This is a cornerstone of the smart economy strategy which recognises that manufacturing will play a fundamental part in our economic future." He emphasised the Government's commitment to provide a stable and competitive location for foreign direct investment. "We are also investing in R&D and innovation to ensure that major international companies like Intel continue to create jobs in Ireland," he said. Intel's investment follows a record $11.5billion quarter which was the firm's best ever financial performance. Full year revenue was reported as $43.6bn, up $8.5bn from 2009. The creation of jobs has been widely welcomed in Ireland as a much needed boost to the economy.