Globalfoundries Achieves Full Independence on its Third Anniversary
Globalfoundries has become an independent foundry company on its third anniversary. The Abu Dhabi-based tech consortium Advanced Technology Investment Company (ATIC) has acquired AMD's remaining minority stake and ATIC is the sole owner of Globalfoundries. This agreement was signed between ATIC and AMD to a tune of US$425 million that is to be paid by ATIC to AMD over a two-year period.
In early 2009, AMD spun off its manufacturing assets into the separate entity Globalfoundries. With its relinquishment of its minority stake in the foundry company, AMD will focus solely on chip design. In November last year, we highlighted rumors that AMD has cancelled its 28nm APUs from the foundry company due to the slow and low-yield production.
It is not all doom and gloom at the foundry as Globalfoundries, in partnership with IBM, TSMC and other companies, had invested in an US-based chip technology hub in September last year to build next generation computing processors. This hub is located in the city of New York.
Globalfoundries has operations in countries like Singapore, US and Germany and has announced plans for more than US$3 billion in capital spending this to fund expansion of its facilities in these countries.