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GlobalFoundries Statement on U.S. House of Representatives Passage of Legislation to Increase U.S. Semi-Conductor Manufacturing

Malta, New York, July 28, 2022 – GlobalFoundries (Nasdaq: GFS) (GF) today hailed the U.S. House of Representatives’ passage of legislation to increase U.S. semiconductor manufacturing known as “CHIPS and Science Act”.  

“With the votes taken today in the House of Representatives and yesterday in the U.S. Senate, Congress has expressed broad, bipartisan and national support for leveling the playing field for competitive semiconductor manufacturing in the U.S.,” said Dr. Thomas Caulfield, president and CEO of GF. “This week, Congress took action to protect U.S. economic, supply chain and national security by accelerating semiconductor manufacturing on American soil.”

The CHIPS legislation now moves to the White House and awaits President Biden’s signature. The Biden Administration has been a strong supporter of increasing semiconductor manufacturing and the many jobs it creates in the U.S., an effort that has been led by Secretary of Commerce Gina Raimondo.

“The investment being made will pay dividends through creation of high-paying jobs, community vitality, research and development, and innovation in the U.S.,” Caulfield added. “For GlobalFoundries, joint GF-customer-government partnership is a great example of how our nation’s greatest challenges can be solved by embracing new strategies and partnering together.”

More than ever, consumers, businesses and governments depend on semiconductor chips in mobile devices, vehicles, the Internet of Things (IoT), 5G infrastructure, national defense and many other applications.

“We are grateful to Speaker Nancy Pelosi, Congressman Paul Tonko, Congressman Peter Welch, CHIPS Act sponsors Congressman Michael McCaul and Congresswoman Doris Matsui, and the many steadfast leaders in the House, Senate, White House and Department of Commerce who helped us overcome obstacles and remained focused on increasing the U.S. share of global semiconductor manufacturing in America,” said Caulfield. “The leadership, persistence and spirit of collaboration and compromise on both sides of the aisle and across different branches of government are the reason we’ve reached this critical moment.”

Once CHIPS Act funding legislation is signed into law, investments GlobalFoundries receives from the $52 billion in the legislation will be combined with similar investments being made by GF and its customers to expand the company’s manufacturing, research and development at its manufacturing sites in New York and Vermont. GF is already spending more than a billion dollars to expand manufacturing capacity at its campus and headquarters in Malta and is ready to accelerate its expansion plans there with the construction of new manufacturing facility, known as a “fab,” that would create roughly one-thousand high-tech jobs and thousands more to the New York State economy and semiconductor ecosystem both during construction and after the fab comes into operation.

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