Intel CEO Brian Krzanich visited President Trump at the White House Wednesday and announced a $7 billion investment in a semiconductor factory in Chandler, Arizona that he claims will employ 3,000 high-wage workers at the height of production.

Dubbed Fab 42, Intel's Chandler factory will build some of "the most advanced 7-nanometer semiconductor chips on the planet,” Krzanich said, adding that the company's investment in the factory is also an investment in American manufacturing. Intel — which announced layoffs of some 12,000 employees in 2016 — said the facility will create "approximately 3,000 high-tech, high-wage jobs" and "more than 10,000 total long-term jobs in Arizona."

"We're very happy and I can tell you the people of Arizona are very happy," President Trump said of Intel's factory announcement.

Today marks the second time Intel has announced Fab 42 alongside a sitting US President. In February of 2011, the company announced Fab 42 during a visit to an Intel facility by President Obama. At that time it said the facility would "create thousands of construction and permanent manufacturing jobs," with a scheduled completion date in 2013.

"When this factory is finished, Intel will employ around a thousand men and women," Obama said in 2012, in Chandler. "As an American, I'm proud of companies like Intel, who create jobs here. We all are. So let's help them grow and hire even faster. We have a huge opportunity to create more high-tech manufacturing jobs in the United States and bring some of these jobs back from overseas. But we're going to have to seize the moment. That starts with changing our tax system."

