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IBM sells chip business, Vermont plant to GLOBALFOUNDRIES - Vermont Business Magazine

posted at 4:48 pm Mon Oct 20th, 2014 by (WherezIt_Staff)

IBM (NYSE: IBM (link is external)) and GLOBALFOUNDRIES today announced that they have signed a Definitive Agreement under which GLOBALFOUNDRIES plans to acquire IBM's global commercial semiconductor technology business, including intellectual property, workers and technologies related to IBM Microelectronics, subject to completion of applicable regulatory reviews.

IBM will pay GLOBALFOUNDRIES $1.5 billion and in return receive some service contracts. The deal includes the Vermont plant in Essex Junction and essentially all of its employees. Governor Peter Shumlin said that he has spoken with GLOBALFOUNDRIES officials and they have told him they plan to keep the plant and employees as is.

Read the whole story in Vermont Business Magazine:

Relevant Address(es):
Essex Junction, VT 05452 (Set as Local)
Montpelier, VT 05602 (Set as Local)

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