San Francisco, March 24 Chip maker Intel has announced to invest $20 billion for two new manufacturing facilities in the US, along with plans to to outsource more of its chip production to third-party foundries. New Intel CEO Pat Gelsinger also unveiled a new branch of the company called Intel Foundry Services, to become a major provider of foundry capacity in the US and Europe to serve customers globally. During the "Intel Unleashed: Engineering the Future" webcast, Gelsinger shared his vision for "IDM 2.0," a major evolution of Intel's integrated device manufacturing (IDM) model. "We are setting a course for a new era of innovation and product leadership at Intel," said Gelsinger. "IDM 2.0 is an elegant strategy that only Intel can deliver – and it's a winning formula. We will use it to design the best products and manufacture them in the best way possible for every category we compete in," he said in a statement late on Tuesday.