Intel is to ramp up its investment in two new semiconductor plants in eastern Germany from €17bn to €30bn in exchange for higher government subsidies for the project, the company said Monday.
The announcement marked the resolution of a dispute that broke out earlier this year when Intel demanded the government increase the level of financial support for the project from €6.8bn to at least €10bn, citing increased construction and energy costs.
Those demands sparked controversy in Germany, with some economists warning the incentives were a waste of taxpayers’ money and finance minister Christian Lindner, of the fiscally hawkish Free Democratic party, saying there was no more money in the budget for additional subsidies.
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