ARIZONA NEWS

2 Valley projects among largest deals in US last year, magazine finds

Jun 1, 2022, 4:45 AM
Intel’s newest factory, Fab 42, became fully operational in 2020 on the company’s Ocotillo camp...
Intel’s newest factory, Fab 42, became fully operational in 2020 on the company’s Ocotillo campus in Chandler, Arizona. (Intel Corporation Photo)
(Intel Corporation Photo)

PHOENIX — Business in Arizona is booming as the state had two of the top 20 largest deals in the country last year, according to Site Selection Magazine.

Ranking No. 5 on the list is Intel’s $20 billion chips plant in Chandler, while KORE Power’s $500 million lithium-ion battery manufacturing facility in Buckeye placed No. 19.

Intel broke ground on the chips plant in September 2021, which is expected to be operational by 2024 and create more than 3,000 high-tech jobs, 3,000 construction jobs and approximately 15,000 local long-term jobs.

The largest private-sector investment in the state’s history will bring Intel’s fabs on the Ocotillo campus to six.

Meanwhile, the lithium-ion battery manufacturing facility is the first to be fully owned by a U.S. company and has a goal of being operational by next year.

The facility is expected to employ 3,000 people full-time and thousands more during construction, which began last year.

Ford Motor Company’s $5.6 billion deal in Stanton, Tennessee, and Rivian Automotive, Inc.’s $5 billion deal in Social Circle, Georgia, tied for the biggest deals in the country last year, according to the magazine.

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2 Valley projects among largest deals in US last year, magazine finds