MALTA, N.Y. (NEWS10) — GlobalFoundries (GF), a local producer of semiconductor chips, announced plans to build a new manufacturing facility in the area.

Over the next few years, GF will reportedly invest $1 billion locally to build a new semiconductor fabrication facility on-site in Malta, doubling its capacity. Experts say GF is in a strong position in the semiconductor industry as a shortage plagues markets worldwide.

The company’s goal is to address that shortage, and the expansion likely will mean an uptick in area employment. GF already employs almost 3,000 at its Malta headquarters, and the new project is slated to add 1,000 more.

“I am here because this new plant means a four-letter word—good-paying “J O B S”—in the Capital Region,” said Sen. Chuck Schumer.

Schumer says GF has invested more than $15 billion in its Fab 8 facility over the last decade. It plans to fund the expansion project through private-public partnerships including customers, federal, and state investments. GF CEO Tom Caulfield made the announcement at a press conference on Monday alongside Schumer and U.S. Commerce Secretary Gina Raimondo.

“The impacts of a short-term chip shortage have underscored the need for a long-term strategy to ensure our nation has a more resilient semiconductor supply chain, one that accelerates U.S. technology leadership and prevents future chip supply constraints,” said Raimondo.

“Our expansion and job creation in Malta requires a new economic model, based on the bold public-private partnerships being championed in Washington,” Caulfield said. “Our industry is expected to grow more in the next decade than it did in the past 50 years and GF is stepping up to do its part.”  

“Today’s announcement is a win-win-win,” Schumer said. “It is a win for the company, for the Capital Region’s workforce, for the local and national economies, and for our national security.”

The Saratoga County Board of Supervisors expressed excitement about the news, saying it’s further proof that the county is open for business and eager for continued economic growth. Saratoga County Board of Supervisors Chairman Theodore T. Kusnierz, Jr. said, “This is a great day for our county and GlobalFoundries has our sincere gratitude for continuing to believe in and invest in our community.”