Published in News

Globalfoundries board gives green light for NY fab

by on23 March 2009

Image

Now eligible for NY state's $1.2 billion incentive

The board
of directors of Globlafoundries has officially committed building its new fab in the Luther Forest Technology Campus, Malta, NY.

Although this is just another in a series of procedural steps, it is important, as it is the main precondition to getting New York State's $1.2 billion incentive package, which can only be approved after the board has committed to the project. The incentive package includes $650 million in cash, and the State plans to raise the cash by issuing bonds.

Construction is slated to commence this summer, and the new manufacturing facility, known as Fab 2, is scheduled for completion by 2011, while full scale production is expected in 2012. Globalfoundries is already working on attaining building permits for temporary structures, and some permanent structures as well.

More here.
Rate this item
(0 votes)