America gives 'foundres' $ 1.5 billion to improve the production of slides

The United States is planning to grant $ 1.5 billion to Globalfunries Inc., the largest local manufacturing business, as part of the Biden administration efforts to improve the production of slides in the country. The financing, determined according to a non -binding initial agreement, will be pumped into three projects associated with ‘Global Foundres’, namely: Setting up a new manufacturing facility in the city of Malta in New York, which expands a current facility in Malta and expands a manufacturing facility in Berlington. The United States will also provide the $ 1.6 billion federal loans. “Today’s investment will protect our national security by expanding the domestic production of chips used in technology, such as satellites and space communication,” says Liel Brinard, director of the National Economic Council in the White House, in a telephone conversation with reporters. Funding comes according to the SO -Called Chips Law, which was approved by Congress in 2022 for the purpose of stimulating the production of semiconductor in the country, amid anxiety over global supply chains, production costs and geopolitical risks, including Taiwan. The tension between the United States and China on technology before the presidential election for this year is scheduled is increasing. The largest award under the Chips Act The Global Voardreys is a defensive and industrial contracting business, which includes the list of its partners, both “General Motors” and “Lockheed Martin”. A senior administration official expects the slides produced in these facilities to be performed on a global scale, which guarantees the achievement of long -term economic benefits. Chuck Schumer, a majority leader in the Senate and a member of the Democratic Party from New York, said the financing is the biggest initial award so far under the Chips Act, and adds that he is “proud to be the biggest statement in New York so far.” According to the US Department of Trade, these projects will offer about 1500 posts in manufacturing and 9 thousand jobs on the construction field. Global Foundres is a contracting manufacturer of chips – known as the business – which means it produces semiconductors for other businesses. The company is a much smaller rival for Taiwan Seiwan Seiwan Security Manufacturing Co., known as “TSMC”, which has helped to lead the concept of case, but it is the largest of its kind in the United States. Surprising funds The disk law includes funds with a total value of $ 39 billion through direct grants, in addition to loans and guarantees of $ 75 billion, although the distribution of support was a slow process. Bloomberg reported last week that “Intel” holds talks with the Biden Administration to receive support for more than $ 10 billion, which will be the biggest award so far. Intel works to expand his factories in the United States, including a planned Ohio project, which can be the largest in the world. The company said the velocity of these expansion efforts depends partially on the amount of government incentives it receives. The Ministry of Trade has previously announced two small grants under the Chips Law as it has allocated money to the Unit of the Bae Systems PLC and “Microchip Technology Inc” in America, and it is expected that “TSMC” and “Samsung Electronics” will get you (Samsung Electronics Co) on funds under the disk law, which helps them to cost them the cost of their new facilities. in the United States. The expected growth for semiconductor sales, “Global Voardreys”, is working to upgrade its facilities in preparation for the recovery of the Chips industry in the coming years. After falling in 2023, semiconductor sales worldwide are expected to grow with a rate of 13% in 2024. Currently, the semiconductor industry companies are still facing the recession, which was clear in the company’s quarterly profit report last week. She expected sales to range from $ 1.5 billion to $ 1.54 billion in the current quarter, much lower than analysts’ expectations of $ 1.76 billion. It is noteworthy that the Abu Dhabi government has more than 80% in ‘Global Foundres’ because it has managed to meet the company by acquiring interests in different companies under one umbrella.