Legit Reviews

Albany, NY – Dec. 17, 2008 – The Empire State Development Corporation and the New York Public Authorities Control Board today voted to approve the transfer of development incentives from AMD to “The Foundry Company.” The Foundry Company is the temporary name for the new U.S.-headquartered, leading-edge semiconductor manufacturing company announced in October and being created by AMD and the Advanced Technology Investment Company (ATIC) to address growing demand for independent, leading-edge foundry production capabilities.

The package of state incentives, which was originally negotiated between AMD and the State of New York in 2006, will be used to develop a 1.2 million square-foot semiconductor wafer manufacturing facility at the Luther Forest Technology Campus in Saratoga County, New York. Construction on the approximately $4.6 billion facility is expected to begin in 2009 following the close of the transaction between AMD and ATIC. The new semiconductor fab is expected to support about 1,600 new construction jobs, with the potential for an additional 2,700 jobs added through economic multiplier effects.

Once full scale production is achieved, the project is expected to create more than 1,400 new direct semiconductor manufacturing jobs with an average annual salary of $60,000 per year and an estimated annual payroll of more than $88 million. The project is also expected to create an additional 5,000 indirect jobs in the region with a sustained estimated total payroll for both direct and indirect jobs of $290 million per year.

“This incentive package developed by New York is a clear differentiator in keeping this region competitive in the global technology marketplace. The support from the State of New York at all levels has been critical to the creation of The Foundry Company,” said Hector Ruiz chairman of AMD, who will become chairman of The Foundry Company. "The approval to transfer the incentives is an important step in our process to create the new global foundry company and a state-of-the-art manufacturing facility that is expected to bring thousands of new jobs to New York."

About AMD

Advanced Micro Devices (NYSE: AMD) is an innovative technology company dedicated to collaborating with customers and industry partners to ignite the next generation of computing and graphics solutions at work, home and play. For more information, visit www.amd.com.

About ATIC

The Advanced Technology Investment Company (ATIC) was created in 2008. A technology investment company wholly owned by the Government of Abu Dhabi, ATIC is focused on making significant investments in the advanced technology sector, both locally and internationally. Its mandate is to generate returns that deliver long-term benefits to the Emirate of Abu Dhabi.

ATIC seeks to leverage the unique advantages it enjoys as an investor from the Emirate of Abu Dhabi to identify and realize long-term investment opportunities in the highly competitive and capital-intensive advanced technology sector. These advantages include significant and reliable capital, a patient investment philosophy, and a subsequently long-term investment horizon.

For more information about ATIC visit www.advancedtechnologyic.com


About “The Foundry Company”

The Foundry Company will be a U.S.-headquartered, leading-edge semiconductor manufacturing company created to address growing demand for independent, leading-edge foundry production capabilities. The Foundry Company will serve this need by combining advanced process technology, industry-leading manufacturing facilities and aggressive plans to scale capacity. The cornerstone of production for the Foundry Company will be industry-leading manufacturing facilities in Dresden, Germany with future plans to expand that campus as well as build a state-of-the art facility in Saratoga County, New York. Upon closing, The Foundry Company will have its principal headquarters in Silicon Valley; and its research and development and manufacturing leadership teams and ecosystems in New York, Dresden, and Austin.

For more information on The Foundry Company, visit www.newglobalfoundry.com