Intel chief executive, Brian Krzanich, announced that the company would invest $7 billion in an Arizona factory employing up to 3,000 people. The chief executive confirmed that the venture would finish the former plant, Fab 42, throughout the following three to four years.

According to The New York Times, Krzanich met President Donald Trump on Wednesday. The factory will be in Chandler, a suburb of Phoenix, near Dobson and Queen Creek roads, which the company stated that more than 10,000 people in the area would support the factory.

Backdrop For 'Fab 42'

The Fab 42 was supposed to be a manufacturing plant the company launched in 2011 but never completed. It is unveiled that the factory will help the U.S. maintain its position as the global leader in the semiconductor industry. The previous construction of Fab 42 cost more than $1 billion. Fab is a short word for fabrication facility.

Back in 2014, the Fab 42 laid off 5,000 people because of slow sales. Fab 42 was to be used for 14-nanometer manufacturing. The factory has a foreign-trade-zone status that reduces state and local property taxes for Intel.

Huge Impact For Arizona

According to CNBC, Intel will bring 10,000 jobs posting in Arizona, including the 3,000 Intel workers and the contractors, which would help maintain equipment and suppliers who will build up the facility. It is believed that Intel will create significant investment for Arizona.

Intel's executive vice president, Stacy Smith, revealed that the company would be completing the factory to make the most advanced seven-nanometer semiconductor chips on the planet, which one nanometer is about one-billionth of a meter. Thereby making the company the first to produce the most powerful chips on the globe. It is noted that intel factory will create jobs, both in the field of high-wage and high-tech manufacturing jobs for global markets while bringing economic growth and innovation.