Intel to spin-off Foundry in an attempt to regain profitability

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Intel to spin-off Foundry in an attempt to regain profitability

September 17, 2024, 12:34 PM

Intel will spin off its chipmaking division into a separate entity, revealed CEO Pat Gelsinger in a press release. The new Intel Foundry business will remain a subsidiary of the American company, and the leadership team will remain the same. There will be a new operating board that will include independent directors to govern the newly formed company.

The announcement also revealed Intel will stop building its plants in Germany and Poland and will push with plants in Arizona, Oregon, New Mexico, and Ohio after a $3 billion direct funding from the US Government.

The chief executive...

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