Globalfoundries' parent company Advanced Technology investment Company (ATIC) has decided to increase its budget for the planned expansions at its plants in Dresden and New York.
The budget for the operation has been increased by $2.8 billion to $8.8 billion.
With this financial boost, Globalfoundries is set to expand its facility in New York to reach the target of producing 60,000 wafer chips per month, an increase of 18,000 from the current 42,000.
Its German plant in Dresden is also expected to increase production to 80,000 processed silicon wafer chips, up from the 60,000 previously projected.
In a news conference, Ibrahim Ajami , ATIC Chief Executive stated: "The market is ready for one to even three big-chip players, but Globalfoundries' focus is not purely taking market share from TSMC .We are very bullish on the (chip) foundry business in 2010”.
ATIC, an Abu Dhabi-based company, recently entered the semiconductor business by acquiring Singapore-based company Chartered Semicondutor, and has since begun to finance Globalfoundries.