ALBANY, N.Y. – Globalfoundries' chief executive says the chip manufacturer plans no shutdowns or layoffs at IBM's semiconductor factories in New York's Hudson Valley and Vermont.
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Announcing the deal Monday, Chief Executive Sanjay Jha says Globalfoundries will welcome about 5,000 IBM employees including "800 of the best technologists in the world."
His company recently built a large manufacturing facility in upstate New York, about 30 miles north of Albany. Now the No. 2 producer of the computer chips worldwide, he says they plan to invest $10 billion over the next two years, mostly in New York, and grow.
They plan to provide chips for a decade to IBM.
IBM plans to focus on research and large computer systems. Senior Vice President John Kelly says it will uphold job commitments in New York.