Globalfoundations, a fab manufacturer, announced plans to expand its most advanced manufacturing plant in Shangcheng District, New York in the coming years, July 20, according to a news release. These include immediate investment in addressing the global chip shortage at its existing Fab 8 plant and the construction of a new wafer plant in the same park to double the capacity of the plant.

The core news release said it would invest $1billion to add 150000 wafer capacity to the existing wafer plant every year to help solve the global chip shortage. After that, the lattice core plans to build a new wafer factory, which will create more than 1000 direct high-tech jobs and thousands of indirect jobs for the region, including high-wage construction jobs.

In accordance with Fab 8's investment model, Gexin plans to fund new facilities through public-private partnerships, including customer, federal and state investment. These new capacity will meet the growing demand for secure and functional chips in the high growth market, including cars, 5g connectivity and the Internet of things.

These investments aimed at expanding the core's manufacturing footprint in the United States are part of the company's broader global expansion plan, including the recently announced new plant in Singapore and plans to invest $1billion in Germany to expand capacity, all of which are designed to meet the growing demand of global customers.

It is reported that Gexin has more than 15000 employees worldwide, 7000 in the United States and nearly 3000 at its headquarters in Malta, New York. Over the past decade, Gexin has invested more than $15 billion in its Fab 8 plant to support innovation and improve production capacity.

In addition, Intel has been announced recently that Intel is considering to spend $30billion on acquisition of Gexin. According to CNBC and Bloomberg reports, Thomas Caulfield, executive director of Gexin, denied Intel's consideration of the acquisition in an interview on 19, and said it would push the IPO plan for 2022 to be scheduled.