Wednesday, June 16, 2010
Global Foundries to invest additional $75 million in NYS
New York State is providing GLOBALFOUNDRIES with $15.8 million in assistance for the expansion project, which is expected to require an additional 500,000 construction man-hours to complete. Work on the shell expansion is expected to begin later this month pending final approval of an investment agreement with the company.
“We are making additional investments in leading-edge capacity to better serve our global customers today, tomorrow and in the future with aggressive, long-term expansions of our 300mm facilities in Singapore, Dresden and our future Fab 8 facility in upstate New York,” said Doug Grose, chief executive officer, GLOBALFOUNDRIES. “By expanding the cleanroom shell of Fab 8 now during the current construction process we will create much needed flexibility and room for additional future capacity to ensure that we are well positioned to provide new and existing customers with the best option to get advanced products to market in the volumes they need to compete and win. Construction of Fab 8 is on schedule and moving forward successfully and we look forward to a long-term and mutually beneficial partnership with the State of New York.”
GLOBALFOUNDRIES broke ground on the $4.2 billion Fab 8 plant in Saratoga County in July 2009. New York State has been a key partner in the development of the facility, committing up to $1.2 billion worth of financial incentives towards the project — the largest private-public investment in the history of the state. The fabrication plant will bring immediate economic growth and opportunity to upstate New York and will create approximately 1,400 new, direct semiconductor manufacturing jobs at full scale production, providing an estimated annual payroll of more than $88 million. In addition, the project will create approximately 5,000 new, indirect jobs in the region. Construction on the new clean room shell will begin in June, coinciding with the current ongoing construction.
GLOBALFOUNDRIES is the world’s first truly global leading-edge semiconductor manufacturing company. Launched in March 2009 through a partnership between AMD [NYSE: AMD] and the Advanced Technology Investment Company (ATIC), GLOBALFOUNDRIES provides a unique combination of leading-edge technology, manufacturing excellence and global operations. GLOBALFOUNDRIES is headquartered in Silicon Valley with facilities in Austin, Dresden and New York.