Abu Dhabi to invest $6bn more in chip plants
Abu Dhabi, June 16, 2011
Global Foundries, majority owned by Abu Dhabi, plans to invest some $6 billion by the end of 2012 to boost manufacturing capacity after spending a similar amount this year, the company said on Thursday.
The company also said it appointed new board members including a new interim CEO to drive continued investment over the coming months in its semiconductors business.
Abu Dhabi government-owned Advanced Technology Investment Company (ATIC) which owns 87 percent of Global Foundries, is looking at increasing manufacturing capacity in Dresden, Singapore and New York, it said in a statement.
'Global Foundries, with the continuous support of ATIC, is in the middle of an intense, competitive ramp-up of manufacturing capacity and technology development,' Ibrahim Ajami, vice chairman of Global Foundries and CEO of ATIC said.
Ajit Manocha, an industry veteran, has been appointed interim CEO and James Norling will serve as executive chairman.
Doug Grose, who served as CEO of Global Foundries since its inception will now act as senior advisor to the company, he said.
ATIC, set up in 2008, is fully-owned by the Abu Dhabi government's investment vehicle Mubadala Development Company. - Reuters