GlobalFoundries Announces Further Expansion in Saratoga County
Elected officials joined leadership at GlobalFoundries in Saratoga County Monday morning to announce a $1 billion expansion of the semiconductor chip manufacturing plant.
U.S. Senate Majority Leader Chuck Schumer visited the Fab 8 site for the second time since the spring to announce that another fabrication plant is being built in the area. That facility will be focused on semiconductor chips for automotive and military use.
Schumer said the Senate’s passage of the U.S. Competition and Innovation Act would lead to a federal investment of $52 billion in the semiconductor industry, if also passed in the House. He said some of that money will support the expansion of GlobalFoundries.
“Part of the investment is $2 billion for legacy chip production, exactly like the chips made here at GlobalFoundries, and so many industries depend on those chips,” Schumer said.
“Why is this so important? Because whether you know it or not, almost every device, every machine you own, depends on a chip.”
The expansion will lead to thousands of new jobs, Schumer said.
GlobalFoundries CEO Tom Caulfield said the expanding tech hub that already exists in the Capital Region with institutions like SUNY Poly, will help feed the company when they start hiring for new positions.
“Well you’re talking about two resources, let me talk about the most important one; the human capital part. We have to continue to invest in that in the region, [Global Foundries] needs to continue and double down in our investment,” Caulfield.
“The other infrastructure is part of the planning that we’re looking at. What will it take to be able to create doubling the size here? So that’s all a part of the planning process that we’re going through.
Caulfield also addressed rumors that Intel may be interested in buying GlobalFoundries for $30 billion.
“We commented last week, it hasn’t changed, there’s nothing to that story,” Caulfield said. “What’s important is what the story is today.”
U.S. Secretary of Commerce Gina Raimondo, who also attended the event Monday, said that this is really about kickstarting private sector investment, including with the U.S. Competition and Innovation Act
“We all know $52 billion isn’t nearly enough. That’s the tip of the spear. We hope to invest that money in a way that it unlocks another one-hundred or two-hundred from the private sector,” Raimondo said.
“This isn’t giving away money to big companies. This is making a historic, once in a generation investment in our economic security, and our national security.”
The bill remains in committee in the House.
Schumer also announced $50 billion in federal funding to support the semiconductor industry. China is about 10 years ahead of the U.S. when it comes to government investment in technology, he said.