06:27 AM EDT, 09/18/2024 (MT Newswires) -- (Updates to add Intel's ( INTC ) comment in fifth paragraph)

Intel ( INTC ) remains committed to building its plants in eastern Germany despite announcing a two-year delay due to cost-saving measures, Reuters reported Tuesday, citing German Chancellor Olaf Scholz.

"It is important for us that we take this opportunity in this very volatile business of the semiconductor industry to help ensure that there is nevertheless a further expansion of the already profound capacities in Germany," Scholz told Reuters.

The report said that German Economy Minister Robert Habeck stated that the delay was a business decision and reaffirmed Germany's commitment to boosting semiconductor production in Europe.

Habeck's ministry told Reuters in a statement that it was "now up to Intel ( INTC ) to quickly get back on a path that enables investment."

"Managing large-scale projects, especially in our dynamic industry, often involves adapting to changes based on business conditions and market dynamics", Intel ( INTC ) told MT Newswires in an email.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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