Globalfoundries CEO says no layoffs planned in acquisition of IBM chip makers in NY, Vt.
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.
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.