HILLSBORO, Ore. -- Intel's ( INTC) chief executive says the company will build a new $5 billion manufacturing facility in the Phoenix suburb of Chandler.

CEO Paul Otellini made the announcement Friday at the company's plant in Hillsboro, Ore., after he gave a tour of the facility to President Barack Obama.

Otellini says the Arizona facility will create thousands of new jobs and will be the most advanced high-volume semi-conductor factory in the world.

The president came to Intel to highlight the company's support for education in science, technology, engineering and math.

Obama says investments in education are critical for producing American workers qualified for high-tech jobs.

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