GlobalFoundries: No layoffs in IBM chip units

By Michael Virtanen

Published October 20, 2014 9:12pm ET

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GlobalFoundries: No layoffs in IBM chip units — This Sept. 22, 2014 photo shows the Globalfoundries campus in Malta, N.Y. IBM on Monday, Oct. 20, 2014 said it will pay $1.5 billion to Globalfoundries in order to shed its costly chip division. (AP Photo/The Albany Times Union, John Carl D'Annibale) TROY, SCHENECTADY; SARATOGA SPRINGS; ALBANY OUT | John Carl D'Annibale

ALBANY, N.Y. (AP) — GlobalFoundries’ chief executive said Monday the chip manufacturer plans no shutdowns or layoffs at the IBM semiconductor factories in New York’s Hudson Valley and Vermont that it is acquiring.

CEO Sanjay Jha told reporters on a conference call that GlobalFoundries will welcome about 5,000 IBM employees, including “800 of the best technologists in the world.”

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