05:41 PM EDT, 06/10/2024 (MT Newswires) -- (Updates with Intel's ( INTC ) statement in the third and fourth paragraphs).

Intel ( INTC ) is reportedly stopping work on a proposed $25 billion chip factory project in Israel, multiple media reports said Monday.

Cancellation notices have been delivered to unnamed local suppliers and contractors for the project in recent days, Israeli financial news website Calcalist reported. The Israeli Ministry of Finance, which has provided grant funding for the proposed facility, also has been notified of the company's decision, Calcalist said.

An Intel ( INTC ) spokesman told MT Newswires that while Israel remains one of the chipmaker's key locations for manufacturing and research and development, the timing and pace of specific projects - particularly, larger-scale projects - "often involves adapting to changing timelines." The company currently operates four facilities in Israel, according to its most recent annual report.

The spokesman said a variety of factors will influence project schedules, including "business conditions, market dynamics and responsible capital management."

Price: 30.85, Change: -0.06, Percent Change: -0.19