What does GlobalFoundries' sale of New York plant mean for Vermont?
GlobalFoundries is unloading one of its New York plants-- so should Vermonters be worried?
The international chipmaker announced Monday it is selling its Fishkill plant to Arizona-based ON Semiconductor.
In a letter to employees announcing the sale, GlobalFoundries says it will continue to invest in its Vermont plant where it makes chips for satellites, cellphones and the U.S. Department of Defense.
Tom Torti is with the Lake Champlain Regional Chamber of Commerce. He spoke with GlobalFoundries about the news.
"It looks as though GlobalFoundries looks to continue to invest. They continue to want to bring more talent and more work to the Essex facility. So perhaps this is a good thing for us," Torti said.
Torti says it's important for Vermont leaders to stay close to GlobalFoundries to understand what they need to succeed.
GlobalFoundries employs about 3,000 people at its Essex plant. It's the state's largest private sector employer.
ON Semiconductor is buying the plant as part of a $720 million expansion plan. Gov. Andrew Cuomo announced the company will establish its first 300mm chip manufacturing plant there. Cuomo said ON Semiconductor committed to creating 150 new jobs in East Fishkill and retaining a minimum of 950 existing jobs at the facility.