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Intel To Spin Off Foundry Unit As Independent Subsidiary
- Intel confirmed plans to establish Intel Foundry as an independent subsidiary inside Intel
- The firm will pause development of two planned chip factories in Germany and Poland
- The announcement is a blow to the European Union's goal to produce at least 20 percent of the world's cutting-edge semiconductors by the end of the decade
- Intel's turnaround plan is struggling to regain the company's competitive edge and manufacturing capabilities
- Intel reported disappointing Q2 results, cut 15 percent of its workforce and suspended dividend payments to investors
- Intel Foundry's subsidiary structure will provide necessary benefits, as it separates external foundry customers and suppliers from the rest of Intel and gives flexibility to evaluate independent sources of funding
- Europe is left in limbo as Intel paused chip factory projects in Poland and Magdeburg, Germany
- Intel will expand strategic collaboration with Amazon Web Services, including a co-investment in custom chip designs
- Intel has been awarded up to $3bn in direct funding for the Secure Enclave programme
- Intel Foundry's leadership structure will remain the same and will establish an operating board including independent directors to govern the subsidiary
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