So good they gave it twice
When Hector Ruiz announced he would be relinquishing his role as CEO and chairman of chip-maker AMD in order to become chairman of the manufacturing company that had been spun-off from it, his first job was to secure the transfer of a $650 million incentive package that had been promised to AMD by New York State in 2006.
A major feature of The Foundry Company - as the spun-off manufacturing operation is provisionally called - was to be the building of a new fab (manufacturing facility) in Luther Forest, New York. However, this plan was contingent on the state authorities approving the transfer of the incentives to The Foundry Company, which it now has.
"This incentive package developed by New York is a clear differentiator in keeping this region competitive in the global technology marketplace. The support from the State of New York at all levels has been critical to the creation of The Foundry Company," said Ruiz.
"The approval to transfer the incentives is an important step in our process to create the new global foundry company and a state-of-the-art manufacturing facility that is expected to bring thousands of new jobs to New York."
The construction of the $4.6 billion fab is expected to commence next year, once the transaction between AMD and investment partner ATIC is concluded. Here's an artist impression of what it will look like.
