GlobalFoundries To Build Second Plant in New York, Invest $1Bn To Boost Output

- Advertisement -

The new factory will be at GlobalFoundries’ “Fab 8” site in upstate New York

Chipmaker GlobalFoundries has announced that it will build a second factory near its New York headquarters and invest $1 billion to boost output to address the global chip shortage.

- Advertisement -

The new factory will be at GlobalFoundries’ “Fab 8” site in upstate New York, where its headquarters moved from California earlier this year, the company said at an event announcing the plans.

The factory will double the site’s chipmaking capacity and add 1,000 jobs, with funding from private-public partnerships, including federal and state investments.

GlobalFoundries plans to spend $1 billion immediately to boost the existing factory’s output by 150,000 wafers per year. Wafers are the silicon discs on which semiconductors are made in bulk, and each one can contain thousands of chips.

The U.S. has been accelrating efforts to localise the chip manufacturing process amidst the raging chip crisis that has crippled automakers and electronic makers alike all across the globe. Talking about the US’ plans during the event, U.S. Commerce Secretary Gina Raimondo said, “We don’t just want to create four, five or six more fabs, though we do want to do that. We need the whole ecosystem.”

GlobalFoundries is owned by the United Arab Emirates’ sovereign wealth fund Mubadala Investment Co. Recently, there were reports of Intel considering buying out the chipmaker for $30 billion.

However, Reuter now says that Mubadala is planning to take GlobalFoundries public in an initial public offering with a source adding that there are no active discussions with Intel yet, and Mubadala is focused on taking GlobalFoundries public as planned.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Crompton Greaves Starts Kitchen Appliance Manufacturing In Vadodara

0
This move aims to boost product quality and operational efficiency, enhancing the delivery of innovative, high-quality kitchen solutions to meet growing consumer demands. Crompton Greaves...

Advancing  Manufacturing Sector With New Refrigerator Plant

0
By incorporating advanced backward integration processes, this plant sets to redefine industry standards, promising improved efficiency and reduced environmental impact, while also boosting local...

EV Sales In India Fall Face First From March to April 2024

0
Electric Vehicle sales, across segments, have fallen short of the promise the sector was witnessing over the last few months. Despite the extension of FAME scheme for...

Buzz

India Eyes $250M Private-Public Cloud Model For Semiconductor R&D

0
According to the plan, this facility will offer easy access to chip and packaging designs for startups, researchers, and small firms. The Indian government is...

EV Parts Maker Matel Raises $4M

0
Matel manufactures components such as power trains and motor control units for electric vehicles. In this funding round, investors included Gruhas, backed by Nikhil...
Siemens and CSA

Siemens To Sell Innomotics To KPS For $3.8B

0
Siemens chief financial officer Ralf Thomas expressed his pleasure at the significant progress made in optimizing their portfolio through the sale of Innomotics to...

Important Sectors

Automotive Electronics Industry Growth Prospects And Strategies

0
From electric vehicles (EVs) to autonomous vehicles, discover the challenges, key players, and market segments driving a $136 billion industry revolutionising vehicles and the...

India Eyes $250M Private-Public Cloud Model For Semiconductor R&D

0
According to the plan, this facility will offer easy access to chip and packaging designs for startups, researchers, and small firms. The Indian government is...

EV Parts Maker Matel Raises $4M

0
Matel manufactures components such as power trains and motor control units for electric vehicles. In this funding round, investors included Gruhas, backed by Nikhil...
Siemens and CSA

Siemens To Sell Innomotics To KPS For $3.8B

0
Siemens chief financial officer Ralf Thomas expressed his pleasure at the significant progress made in optimizing their portfolio through the sale of Innomotics to...

Ampere Teams With Qualcomm On AI, Unveils New Chip

0
Ampere Computing and Qualcomm team up to create energy-efficient AI chips, launching a data center server aimed at reducing power consumption and outpacing rivals...

Manufacturing

Automotive Electronics Industry Growth Prospects And Strategies

0
From electric vehicles (EVs) to autonomous vehicles, discover the challenges, key players, and market segments driving a $136 billion industry revolutionising vehicles and the...
Siemens and CSA

Siemens To Sell Innomotics To KPS For $3.8B

0
Siemens chief financial officer Ralf Thomas expressed his pleasure at the significant progress made in optimizing their portfolio through the sale of Innomotics to...
Siemens and CSA

Siemens Limited Announces ₹1000 Crore Capex

0
In a statement, Siemens announced that it is expanding its factory operations in Goa to address the rapidly growing demand for essential industry components. Siemens...

Atul Aggarwal Named New Managing Director Of Sterling Tools

0
In his new position, Atul Aggarwal, who serves as a whole-time director as well, will lead the company's expansion and development into new verticals. Sterling...
Sona Comstar

Sona Comstar’s 3-Pronged Global Strategy To Outperform China In EV Parts Supply

0
Sona BLW Precision Forgings (Sona Comstar) has adopted a three-pronged strategy: leveraging the protectionist policies of the US and Indian governments to exclude Chinese...