GlobalFoundries Expands Singapore Presence with $4B Fab Opening

GlobalFoundries Inc GFS has unveiled its $4 billion expansion fabrication plant (fab) in Singapore, solidifying its presence in the semiconductor manufacturing sector. 

The 23,000-square-meter facility is set to create 1,000 high-value jobs in Singapore, focusing on equipment technicians, process technicians, and engineers, contributing to the country's vision of becoming a global hub for advanced manufacturing by 2030.

Also Read: Qualcomm Stock Soars on Apple News - What's Going On?

The expansion fab represents GF's commitment to increasing its global manufacturing footprint, ensuring product security, and meeting customer demand worldwide.

This state-of-the-art semiconductor facility will add 450,000 wafers (300mm) to GF's annual production capacity, raising GF Singapore's overall capacity to approximately 1.5 million (300mm) annually. 

In August, GlobalFoundries reported a second-quarter FY23 revenue decline of 7.4% year-on-year to $1.85 billion, beating the consensus of $1.83 billion. Adjusted EPS of $0.53 beat the consensus of $0.51. 

CFO Tim Stone chose to depart from the company effective July 11, within two months of the appointment. Insider David Reeder will remain the CFO through the end of 2023 to support the selection of a new CFO.

Price Action: GFS shares traded lower by 0.36% at $58.80 premarket on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.