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GlobalFoundries to invest $1.4 bn to increase output at three units
www.telecomlead.com, Mar. 03, 2021 –
GlobalFoundries will invest $1.4 billion this year to increase output at three manufacturing units in the United States, Singapore and Germany, as a global shortage of semiconductors has boosted demand for chips.
The U.S.-based company, a unit of Abu Dhabi's state-owned fund Mubadala, may also bring forward its initial public offering to late 2021 or the first half of next year, from a previous target of late 2022 or early 2023.
GlobalFoundries is aiming for revenue growth of 9 percent to 10 percent from just over $5.7 billion last year.
Automakers and electronics producers are facing a global shortage of chips which has fueled manufacturing delays.
"The adoption of technology that would normally have taken a decade happened in one year in 2020 because of COVID-19," GlobalFoundries CEO Thomas Caulfield told Reuters.
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