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AMD not planning to invest in GlobalFoundries

Posted on Wednesday, July 01 2009 @ 16:09:20 CEST by

AMD CEO Dirk Meyer told WSJ that his company doesn't plan to invest large sums of money into GlobalFoundries, which means AMD's 34 percent stake in the foundry will gradually be diluted over time.
Meyer said the company's stake in Globalfoundries, currently at about 34%, will gradually be diluted over time. He said the foundry is expected to generate cash on its own, but it will ask its shareholders for capital injections.

In October 2008, AMD announced a joint venture with ATIC, an Abu Dhabi investment company, where AMD spun off its semiconductor manufacturing facilities. The joint venture, called Globalfoundries, will compete with contract chip makers like Taiwan Semiconductor Manufacturing Co. (TSMC) and United Microelectronics Corp. (UMC). "I suspect...we'll find uses of our cash in the form of product investment instead of capital investment," he said, though noting that AMD will retain the right to participate in such cash calls.



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