Intel in talks to buy GlobalFoundries

Published: Jul. 16, 2021 at 4:27 PM EDT
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ESSEX JUNCTION, Vt. (WCAX) - Intel is in talks to buy GlobalFoundries. The Wall Street Journal reports the giant technology corporation is eyeing a $30 billion deal for the chipmaker that would include the Essex Junction plant.

“It’s hard to predict what that could mean for Vermont,” said Cathy Davis, president of the Lake Champlain Chamber of Commerce.

GlobalFoundries currently employs 2,200 workers at the Essex Junction facility and 13,000 more across the globe. Davis says their future depends on Intel’s acquisition goals but it’s possible Vermont employees could be asked to join the Intel team. “Ideally, everyone remains employed and maybe, ideally, they hire even more people,” she said.

Davis says the $225 billion corporation’s possible move to Vermont could spur additional economic activity. On the downside, it could send jobs out of state. “Or that there’s less investment in the infrastructure and the workforce that’s here,” she said.

Essex Junction Village Trustees President Andrew Brown says he doesn’t have any concerns about the potential change of hands. He thinks it’ll be a positive thing for the economic health of Essex Junction. “With that said, I mean Essex junction, we have a relatively diverse economy. We don’t solely rely on GlobalFoundries as the only employment source in the area. We have many other small and medium-sized businesses in Essex Junction that can certainly help to support our local economy. But there is still no doubt that the single largest private employer in our state, should that leave, would have some local, regional, statewide impacts,” Brown said.

GlobalFoundries employees inside the Essex Junction plant tell WCAX they’ve been told a big announcement is coming Monday.

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