GlobalFoundries Plant in Essex Likely to Benefit From Bill Passed by Congress
GlobalFoundries’ Essex Junction plant is likely to benefit from the $52 billion investment in chip-making technology Congress passed Thursday.
The investment is part of a $280 billion bill aimed at helping American manufacturing compete with China.
Precisely how much GlobalFoundries would receive and how much it would direct to its Vermont operations is not clear, but a spokesperson for the company said it would lead to investments in the Vermont plant.
“Once CHIPS Act funding legislation is signed into law, investments GlobalFoundries receives from the $52 billion in the legislation will be combined with similar investments being made by GF and its customers to expand the company’s manufacturing, research and development at its manufacturing sites in New York and Vermont,” GlobalFoundries spokesperson Julie Moynehan said in a written statement.
The measure, known as the CHIPS and Science Act, passed the U.S. Senate 64-33 on Wednesday and 243-187 in the House on Thursday. It now goes to President Joe Biden for his signature.
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