Watch the entire press event on the player above

MALTA, N.Y. (NEWS10) — GlobalFoundries is moving its corporate headquarters from California’s Silicon Valley to New York. On Monday morning, GlobalFoundries CEO Tom Caulfield was on-hand in Malta with New York Sen. Chuck Schumer to make the announcement, which Schumer says will send a jolt through the Capital Region and greater upstate economy.

Caulfield said, “As a native New Yorker, son of a NYC firefighter, and manufacturer at heart, I am personally proud to be making upstate New York GF’s new headquarters.”

The GlobalFoundries site—Fab 8, its most advanced semiconductor manufacturing facility—employs nearly 3,000. In 2020, the company announced a land purchase option to expand Fab 8’s footprint, and the Malta site is targeted for $500 million in reinvestment, Caulfield said in a statement.

Schumer says that more investment into technology manufacture, research, and innovation will help the U.S. maintain a competitive economic edge. Such investment would mean more plants with more jobs for workers, and federal support would also reduce reliance on “dangerous” foreign technology.

“The economic and national security risks posed by relying too heavily on foreign semiconductor suppliers cannot be ignored, and Upstate New York, especially the Capital Region, which has a robust semiconductor manufacturing and R&D presence, is the perfect place to grow this industry by leaps and bounds,” Schumer said.

“GlobalFoundries is an essential thread in the fabric that is the Capital Region, and their continued growth in the community means doubling down on good-paying jobs, support for the entire regional economy, and Upstate New York’s leadership in the semiconductor industry.”

Sen. Chuck Schumer

The announcement comes amid a push by some of New York’s federal representatives—including Schumer, Sen. Kirsten Gillibrand, and Rep. Jon Katko—to increase semiconductor investment and production.

Sen. Schumer also unveiled a bipartisan Endless Frontiers Act (EFA). He says it funds science, technology, and job training while strengthening economic and national security. It includes:

  • $100 billion over five years to expand the National Science Foundation
  • $10 billion to support regional technology
  • Establishes Supply Chain Resiliency and Crisis Response Program
  • $2.4 billion to enhance the Manufacturing USA network
  • A mandated strategy on national competitiveness and ingenuity in science, research, and manufacturing