Wednesday, July 1, 2015

GLOBALFOUNDRIES Buys IBM's Microelectronics Business

GLOBALFOUNDRIES, the semiconductor foundry company which runs its U.S. operations out of Santa Clara, said today that it has completed its acquisition of IBM Microelectronics. In an unusual move, IBM had actually paid GLOBALFOUNDRIES $1.5 billion to take IBM Microelectronics off its hands back in October. IBM Microelectronics, which was unprofitable, had apparently been a drag on earnings for IBM. GLOBALFOUNDRIES says it is taking over IBM's fabs in East Fishkill, NY and Essex Junction, VT, and now has over 8,000 direct employees in the Northeast.