ON Semiconductor to Acquire GLOBALFOUNDRIES Fab 10 Manufacturing Facility

Governor Cuomo announced this week that ON Semiconductor will expand their operations in New York by purchasing and preserving the existing GLOBALFOUNDRIES Fab 10 manufacturing facility in East Fishkill, NY. ON Semiconductor will purchase the 300mm chip fab plant for $430 million, $100 million to be paid initially and the rest in three years upon taking full operational control of the facility. ON Semiconductor has committed to invest $720 million over the course of ten years to establish its first 300mm chip manufacturing plant and retain a minimum of 950 employees, as well as creating 150 new jobs. In exchange for those commitments, Empire State Development has offered to provide up to $17.5 million in grants toward the purchase of the property, facilities, and some manufacturing equipment and $22.5 million in Excelsior Jobs Program tax credits over the period of 10 years. Both the grants and tax credits are contingent on ON Semiconductor fulfilling their job and investment commitments.

Governor Cuomo Said:

“ON Semiconductor’s decision to expand and grow its operations in New York State is proof positive that smart investments in our innovation economy are working and fueling New York’s unprecedented growth. We’re glad ON Semiconductor is choosing to deepen its roots here and its commitment to New York State.”