And Now Some Good News
September 12, 2009
It seemed too good to be true. A brand new industrial park, anchored by Advanced Micro Devices, where an old government site stood that could bring in hundreds of jobs. Perhaps down in Texas or California, but not north of Albany, in Upstate New York.
To make matters worse the more money the government sunk into the project the worse things looked for the park’s one and only tenant.
As far as I was concerned this was going to be a zillion dollar ghost town monument to government waste along the shore of Saratoga Lake in Malta New York. They could name it after Chuck Schumer and former State Senator Joe Bruno.
But Praise God this is turning out to be a good thing.
MALTA — GlobalFoundries Inc. is poised to become one of the largest computer chip foundries in the world after its investors from Abu Dhabi pledged $1.8 billion to acquire Chartered Semiconductor Manufacturing Ltd. in Singapore.
By securing additional customers for GlobalFoundries, industry analysts say, it also further solidifies the business rationale behind the Sunnyvale, Calif., company’s construction of a $4.2 billion computer chip factory, known as Fab 2, at Luther Forest Technology Campus in Malta.
“In fact, this is an excellent omen for further expansion of Fab 2,” said Theo Valich, editor-in-chief of Bright Side of News, an online publication that follows the semiconductor industry.
The deal for Chartered is an amazing turn of events for Global Foundries, which had only one customer — parent company Advanced Micro Devices Inc. — back in July when it broke ground on Fab 2, which is expected to be completed by 2012.
Since then, the company has added Swiss chip company STMicroelectronics N.V. as its first new customer and is now becoming affiliated with Chartered in a deal disclosed on Sunday. Customer acquisitions are key for foundries like Chartered and GlobalFoundries, which manufacture computer chips for other companies.
At last some good economic news even here in the rust belt.