CHIPS Act Money Dispursed to Intel, Forbids Stock Buybacks
Ohio's Intel plant is finally receiving its long-awaited $1.5 billion in federal funding, ending the two-year-long stalemate from the company's groundbreaking ceremony. The facility will be operational by 2030, according to the U.S. Department of Commerce.
Last week, the Biden-Harris Administration announced that Intel has been approved to get roughly $8 billion, with $1.5 billion in direct funding for their Central Ohio project.
The chipmaker committed to pausing stock buybacks for five years, with limited exceptions, building on its earlier decision to halt buybacks amid challenging financial conditions.
The company promised the Buckeye State at least $20 billion for a semiconductor manufacturing plant that would create tens of thousands of jobs. Yet thousands of union workers have been waiting to continue construction.
"I know enough about government — that it takes a while," said Mike Knisley with the Ohio State Building and Construction Trades Council. But not anymore. Knisley's teams are ready to get to work on a historic investment.