US awards $1.5 bln to GlobalFoundries for domestic semiconductor production

The U.S. government is awarding $1.5 billion to GlobalFoundries to expand semiconductor production, the Biden administration said on Monday, in a bid to strengthen domestic supply chains. GlobalFoundries, the world's third-largest contract chipmaker, will build a new semiconductor production facility in Malta, New York, and expand existing operations there and in Burlington, Vermont, according to a preliminary agreement with the Commerce Department. The projects, funded under the CHIPS and Science Act, would generate more than 10,000 jobs over a decade, said Biden administration officials, adding that the positions will pay fair wages and offer benefits like childcare.