(Reuters) -Intel said on Friday it would invest more than $28 billion to construct two new chip factories in Licking County, Ohio, as the company pushes ahead with plans to expand its foundry business.

The chipmaker’s shares, which have slumped more than 55% this year, rose 1.4% in early trading.

The initial phase of the project is expected to create 3,000 Intel jobs, it said.

(Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar)