Intel Corp., the world’s largest chipmaker, announced plans to build a $5 billion plant in Arizona and hire 4,000 employees in the U.S. this year.
The workers will focus on product development, research and design, Chief Executive Officer Paul Otellini said during a visit by U.S. President Barack Obama to an Intel plant near Portland, Oregon. The new factory, which will produce microprocessors, will be built at the company’s existing site in Chandler, Arizona.
Intel is stepping up production to satisfy renewed demand for chips following the recession. The company said last month that it would spend $8.7 billion to $9.3 billion on plants and equipment this year, compared with $5.2 billion in 2010.
Intel rose 14 cents to $22.11 at 3:29 p.m. New York time in Nasdaq Stock Market trading. The shares had climbed 4.5 percent this year before today.
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