Deal reached between GlobalFoundries and IBM

FISHKILL, N.Y. (NEWS10) – A major deal has been reached between GlobalFoundries and IBM, guaranteeing work in New York and Vermont.

The federal approval ends months of uncertainty for the East Fishkill Plant in New York and the Essex Junction Plant in Vermont which employs thousands of workers.

Under the deal announced last October, IBM was paying GlobalFoundries $1.5 billion to take over its semiconductor operations at the plants.

For the next 10 years, GlobalFoundries will become IBM’s exclusive provider of certain classes of semi-conductors.

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