Intel's PR folks sent out invitations for the Monday announcement today, and the press promptly turned around and reported it. Taipei-based TSMC is the world's biggest chip foundry, or contract manufacturer. It enables chip design companies to focus on designing chips, while TSMC manufactures them. In that sense, TSMC enables competitors to Intel.
Intel has already said it is spending $7 billion on chip factories despite the recession. We'll see what happens.