Intel to Invest $3.5 Billion to Expand New Mexico Manufacturing Operations
What's New: Intel (News - Alert) Corporation will invest $3.5 billion to equip its New Mexico operations for the manufacturing of advanced semiconductor packaging technologies, including Foveros, Intel's breakthrough 3D packaging technology. The multiyear investment is expected to create at least 700 high-tech jobs and 1,000 construction jobs and support an additional 3,500 jobs in the state. Planning activities begin immediately, with construction expected to start in late 2021.
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New Mexico Gov. Michelle Lujan Grisham (left) and Keyvan Esfarjani, Intel senior vice president and general manager of Manufacturing and Operations, display a plaque with a processor wafer on Monday, May 3, 2021, at the Intel Campus at Rio Rancho, New Mexico. During a news conference, Intel announced it will invest $3.5 billion in its New Mexico operations in support of advanced semiconductor packaging technologies. (Credit: Walden Kirsch/Intel Corporation)
"A key differentiator for our IDM 2.0 strategy is our unquestioned leadership in advanced packaging, which allows us to mix and match compute tiles to deliver the best products. We're seeing tremendous interest in these capabilities from the industry, especially following the introduction of our new Intel Foundry Services. We're 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."
-Keyvan Esfarjani, Intel senior vice president and general manager of Manufacturing and Operations
What Foveros Is: Foveros advanced 3D packaging technology enables Intel to build processors with compute tiles stacked vertically, rather than side-by-side, providing greater performance in a smaller footprint. It also allows Intel to mix and match compute tiles to optimize for cost and power efficiency. The move from system-on-chip to "system on package" will enable Intel to meet increasing computing performance needs for artificial intelligence, 5G and the edge.
Why It Matters: Intel's global factory network is a competitive advantage that enables product optimization, improved economics and supply resilience. Investing in the company's manufacturing perations is a key component of its recently announced IDM 2.0 strategy. The technologies currently developed and manufactured at the Rio Rancho site - Intel® Optane™ technology, embedded multi-die interconnect bridge and Intel® silicon photonics technology - play important roles in Intel's new era of innovation by simplifying and optimizing semiconductor memory, packaging, and connectivity.
"Intel's $3.5 billion investment in New Mexico will create 700 new jobs in the next three years and establish the Rio Rancho campus as the company's domestic hub for advanced semiconductor manufacturing," said New Mexico Gov. Michelle Lujan Grisham. "With this exciting development, we are already seeing the benefits of this year's legislation expanding LEDA, generating high-quality and high-paying jobs for New Mexicans. The state and Intel have a 40-year partnership, and today, with innovative economic development tools and global demand for this technology, we can celebrate a new generation of workers and job growth at Intel's New Mexico manufacturing plant."
About Intel in New Mexico: Since 1980, Intel has invested $16.3 billion in capital to support its New Mexico operations and currently employs more than 1,800 people at the site. Its annual economic impact in the state is $1.2 billion, based on 2019 data.
Intel is committed to corporate responsibility and addressing community needs. The company purchases renewable energy to meet 100% of its New Mexico electricity use and invests in energy-saving measures. To reach its goal of achieving net positive water use by 2030, Intel has funded two nonprofit-led water restoration projects benefiting New Mexico. Over the past five years, employees volunteered 106,000 hours and Intel and the Intel Foundation donated more than $8.5 million in support of New Mexico schools and nonprofits.
Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers' greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel's innovations, go to newsroom.intel.com and intel.com.
Forward-Looking Statements: Statements in this press release that refer to future plans and expectations, including with respect to Intel's planned New Mexico investment and Intel's strategy, are forward-looking statements that involve a number of risks and uncertainties. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions also identify forward-looking statements. Such statements are based on management's expectations as of the date of this press release and involve many risks and uncertainties. Important factors that could cause actual results to differ materially are set forth in Intel's SEC (News - Alert) filings, which are available at www.intc.com. Intel does not undertake, and expressly disclaims any duty, to update any statement made in this press release, whether as a result of new information, new developments or otherwise, except to the extent that disclosure may be required by law.
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