Lesico issued a statement to the Tel Aviv Exchange informing investors that it had received an order from Intel to halt construction work on its new plant in Kiryat Gat. The statement mentioned that Lesico is currently reviewing the implications of the order and is considering its right to compensation.
Prior to this announcement, Intel had made headlines by deciding to suspend work on the new plant in Kiryat Gat, for which the company had pledged a $25 billion investment in exchange for $3 billion in state subsidies. Despite this news, Intel reiterated its commitment to the project in Israel, stating that the country remains a key hub for its research, development, and production.
The company explained that decisions regarding the expansion of production facilities are based on various commercial factors, market dynamics, and responsible capital management. Managing projects of this scale requires constant adjustments to timelines, especially within the technology industry. Hence, Intel’s decision to halt construction work in Kiryat Gat was driven by these considerations.
In light of these developments, the situation between Lesico and Intel regarding the construction of the new plant in Kiryat Gat seems to be evolving. Investors will be closely monitoring any updates related to the order received by Lesico and its implications for the project going forward.
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