GlobalFoundries announces job cuts at Essex Jct. plant

ESSEX JCT., Vt. (WCAX) - Layoffs are underway at GlobalFoundries in Essex Junction, the largest private employer in Vermont.

There’s no official word on the exact number of employees who will lose their jobs. GlobalFoundries announced last month it’s cutting its global workforce. Now, the chip maker confirms the Vermont cuts will be finished by the end of the week. Officials have said several economic factors including inflation, continued high energy costs, and rapid interest rate increases contributed to the decision.

The Vermont Department of Labor says it’s in contact with the company but is also waiting for some specifics. State officials say that there are hundreds of manufacturing jobs available right now in Vermont and that there are other programs to help the newly unemployed, too.

The job cuts come just months after outgoing Senator Leahy secured $30 million for the company to develop the next generation of computer chips. And there’s likely more money heading their way as part of the CHIPS Act, the bipartisan bill signed by President Biden to provide as much as $52 billion in subsidies to chipmakers to expand their domestic semiconductor production.

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