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GlobalFoundries Asks New York for Another $300 million

GlobalFoundries Inc. has already received a $1.3 billion commitment from New York taxpayers, but is now asking the state for an additional $300 million. The company is asking for $75 million for capital construction, and $225 million for long-term capital needs.

The semiconductor chip manufacturer is planning a new, 1.3 million-square-foot foundry at the Luther Forest Technology Campus in Saratoga County. The company employs 1,400 workers, and will add approximately 200 under its agreement with the state. It wants to use the additional money to add 90,000 square feet to its manufacturing clean room, which is currently slated for 210,000 square feet.

"It's exciting," State Assembly Majority Leader Ron Canestrari told the Albany Times Union. "The difficulty is the additional money in the political climate and economic climate we're dealing with. We're uncertain there will be any capital funding this year."

Since GlobalFoundries purchased a Singapore company in January, it has hired an additional 7,000 employees and acquired six more facilities. Although its request from the state is significant, state officials are looking forward to an investment's economic return.

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