National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
ON Semiconductor Acquiring Hudson Valley Fab Plant in $720M Deal
Phoenix-based ON Semiconductor is expanding its operations in New York state by purchasing and preserving the existing GlobalFoundries Fab 10 manufacturing facility in East Fishkill, NY. The chip manufacturer plans to invest more than $720 million over 10 years in the facility to establish its first 300mm chip manufacturing plant.
The deal encompasses a $100-million initial payment and $330 million in 2022 when ON fully takes over the facility. The expansion will further fuel strategic growth in the areas of power management, including automotive electrification, 5G mobile networks, cloud computing and alternative energy.
ON Semiconductor’s Keith Jackson says, “The increased level of capability and capacity enabled by this expansion is our answer to meet critical market needs.”
Empire State Development will provide up to $17.5 million in grants toward the purchase of the property, facilities and certain manufacturing equipment, and $22.5 million in tax credits tied to investment, new hiring and research and development.
Connect New York is coming up on April 30! Click here to register for the event.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
