SINGAPORE — U.S. semiconductor giant GlobalFoundries will invest over $4 billion to expand its Singapore wafer plant and ramp up capacity as it attempts to tackle the global microchip shortage.
The privately held company owned by the United Arab Emirates’ Mubadala Investment Company announced on Tuesday that by the first quarter of 2023 the investment will allow the Singapore facility to make around 1.2 million wafers a year, 450,000 more than it can currently produce.
When fully operational by 2024, the expansion is expected to boost GlobalFoundries’ capacity to about 1.5 million wafers per year. In addition, the company has planned to invest another $1 billion to expand its U.S. operations, and another $1 billion to grow its facilities in Germany.
“We’re doing everything we can,” CEO Tom Caulfield said at an online media briefing on Tuesday. “We’re working as fast as we can with our suppliers to bring new equipment and to create new…