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GlobalFoundries Seeks to Address Chip Shortage via New Manufacturing Facility in New York

GlobalFoundries has announced plans to build a new manufacturing facility in Malta, New York, and invest $1 billion to support the annual production of additional 150,000 wafers at its existing Fab 8 facility to help address the current chip shortage.

The company said Monday it expects the new fab to result in the creation of over 1,000 direct jobs in the region, address the rising demand for secure semiconductors in 5G, internet of things and automotive markets and meet national security requirements.

GlobalFoundries plans to fund the new fab through private-public partnerships that include investments from federal and state government agencies and customers.

The company made the announcement as it advances national discussion with government and industry leaders over supply chain challenges facing the U.S. semiconductor industry. Senate Majority Leader Chuck Schumer, Commerce Gina Raimondo, corporate executives and former Pentagon officials joined GlobalFoundries CEO Tom Caulfield during the discussion.

GlobalFoundries’ expansion efforts also include the construction of a new fab in Singapore and a plan to make a $1 billion investment to expand its footprint in Germany.

The latest move came days after reports emerged that Intel (Nasdaq: INTC) is in discussions to acquire GlobalFoundries for approximately $30 billion.

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