Globalfoundries acquires Land in U.S.

The land parcel is located at the southeast end of the New York State Energy Research and Development Authority (NYSERDA) Saratoga Technology + Energy Park (STEP) campus, adjacent to Stonebreak Road Extension, between GF’s Fab 8 facility and Hermes Road. Exercising the option to purchase the land and commencement of development to expand GF’s Fab 8 facility will be subject to zoning regulations and client demand. The parcel is being sold at Fair Market Value, with a purchase price determined by an independent appraiser. “Amid growing consensus in our nation's capital for investment in semiconductor manufacturing, it's more important than ever that we are ready to fast track our growth plans at GLOBALFOUNDRIES’ most advanced manufacturing facility in the U.S.," said Ron Sampson, senior vice president and general manager of U.S. Fab Operations at GF in a press release. “With this agreement option, we now have additional flexibility to expand our footprint and position Fab 8 for future growth in Saratoga County and New York State, while strengthening U.S. leadership in semiconductor manufacturing." "GLOBALFOUNDRIES continues to demonstrate its commitment to economic growth in Saratoga County and Upstate New York," said Darren O’Connor, Malta's Town Supervisor. "I am pleased to hear that this latest step will enable future growth opportunities for GLOBALFOUNDRIES for years to come.” GF employs nearly 3,000 people and has invested over $13 billion in Fab 8, its most advanced manufacturing facility in upstate New York. The company recently announced it is bringing its most advanced Fab 8 facility in upstate New York into compliance with both the U.S. International Traffic in Arms Regulations (ITAR) standards and the highly restrictive Export Control Classification Numbers (ECCNs) under the Export Administration Regulations (EAR).