GlobalFoundries pours US$1.4b into fab expansion

Automakers and electronics producers are facing a global shortage of chips which has fueled manufacturing delays.

WASHINGTON: GlobalFoundries will invest $1.4 billion this year to raise output at three factories in the United States, Singapore and Germany, as a global shortage of semiconductors has boosted demand for chips, its chief executive said.

The U.S.-based company, a unit of Abu Dhabi's state-owned fund Mubadala, may also bring forward its initial public offering to late 2021 or the first half of next year, from a previous target of late 2022 or early 2023.