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GLOBALFOUNDRIES INC.

(GFS)
  Report
Delayed Nasdaq  -  04:00 2022-09-30 pm EDT
48.35 USD   -3.55%
09/19GlobalFoundries Joins PHLX Semiconductor Sector Index Monday
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09/19GlobalFoundries Joins the PHLX Semiconductor Sector Index (SOX)
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09/19GLOBALFOUNDRIES Inc.(NasdaqGS:GFS) added to PHLX Semiconductor Sector Index
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GlobalFoundries to seek CHIPS Act funds for Vermont chip plant

08/08/2022 | 03:49pm EDT

WASHINGTON, Aug 8 (Reuters) - GlobalFoundries, one of the world's top chip manufacturers, plans to seek U.S. government funding from the recently approved CHIPS Act to update its chip factory in Vermont, CEO Tom Caulfield told Reuters on Monday.

The facility, located in Essex Junction, Vermont, produces 200 millimeter wafers and needs to be revamped, Caulfield said. "With partnership investments with the U.S. government, we can create a facility that has been around for 50, 60 years and give it its next 50, 60 years of longevity," he said.

The remarks come a day before U.S. President Joe Biden plans to sign the CHIPS act into law. It will provide $52 billion in subsidies for chip manufacturing and research, as well as an estimated $24 billion investment tax credit for chip plants.

Caulfield declined to provide an estimated cost for the modernization, noting that it depended on the government funding allocation, but said the goal is to increase automation and replace old and costly tool sets with state-of-the-art equipment.

"It's not necessarily about creating more output that's the first order. It's about making sure it's a globally competitive facility," he added.

When asked about GlobalFoundries' plans vis-a-vis the CHIPS Act, Caulfield also mentioned previously announced plans to build out capacity at the company's existing facility in Malta, New York, as well as to build a new factory there.

GlobalFoundries's New York site is where it plans to produce $4.2 billion in chips as part of an agreement announced earlier on Monday with chipmaker Qualcomm, more than doubling its prior commitment to $7.4 billion in purchases through 2028.

GlobalFoundries is the world's third-largest foundry by revenue behind Taiwan Semiconductor Manufacturing Co Ltd and Samsung Electronics Co Ltd, but ranks second when stripping out Samsung's foundry business that makes chips for other elements of the South Korean firm.

The company, which is majority owned by Abu Dhabi's sovereign wealth fund Mubadala Investment Co, raised $2.6 billion in an initial public offering last year on the Nasdaq. (Reporting by Alexandra Alper; Editing by Josie Kao)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GLOBALFOUNDRIES INC. -3.55% 48.35 Delayed Quote.-22.84%
MSCI TAIWAN (STRD) -1.08% 459.986 Real-time Quote.-37.48%
QUALCOMM, INC. -1.62% 112.98 Delayed Quote.-37.20%
SAMSUNG ELECTRONICS CO., LTD. 0.95% 53100 End-of-day quote.-32.18%
TAIWAN SEMICONDUCTOR CO., LTD. 4.27% 83 End-of-day quote.5.60%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -2.99% 422 End-of-day quote.-31.38%
All news about GLOBALFOUNDRIES INC.
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Financials (USD)
Sales 2022 8 065 M - -
Net income 2022 1 276 M - -
Net cash 2022 364 M - -
P/E ratio 2022 21,3x
Yield 2022 -
Capitalization 26 116 M 26 116 M -
EV / Sales 2022 3,19x
EV / Sales 2023 2,93x
Nbr of Employees 14 600
Free-Float 100%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 48,35 $
Average target price 66,95 $
Spread / Average Target 38,5%
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Managers and Directors
Thomas Caulfield President, Chief Executive Officer & Director
David W. Reeder Chief Financial Officer
Ahmed Yahia Al-Idrissi Chairman
Gregory Bartlett SVP-Technology, Engineering & Quality
David Kerko Lead Independent Director
Sector and Competitors