Intel, Brookfield to invest $30B in Arizona chip factories

By Gokhan Ergocun

ISTANBUL (AA) - Intel Corp. and Canada’s Brookfield Asset Management on Tuesday signed a definitive agreement to invest up to $30 billion in the US chipmaker’s chip factories in Arizona.

"Under the terms of the agreement, the companies will jointly invest up to $30 billion in Intel’s previously announced manufacturing expansion at its Ocotillo campus in Chandler, Arizona, with Intel funding 51% and Brookfield funding 49% of the total project cost," said a statement by Intel.

David Zinsner, Intel's chief financial officer, said the agreement with Brookfield will increase Intel's flexibility and capacity.