PORTLAND — Israeli media report Intel is delaying construction of an $11 billion factory there amid declining revenue, but plans for a similar expansion in Oregon remain on schedule.
The Israeli news site Calcalist reported Wednesday that Intel has postponed plans for its new factory in southern Israel. Haaretz reported Thursday that Intel will delay the project for up to a year, a decision the news outlet attributed to a mandate from new CEO Bob Swan to cut short-term costs.
In April, Intel cut its sales forecast for 2019. The chipmaker called its outlook “concerning,” and said it expects revenue will decline by nearly 3 percent this year to $69 billion.
Intel blamed falling prices for memory chips, disappointing sales to data centers and the cooling Chinese economy for the slowdown.
