GlobalFoundries Appoints KC Ang as President of Asia

Industry veteran to expand company’s business development and strategic partnerships in Asia with focus on China

BEIJING, China, May 20, 2024 – GlobalFoundries (NASDAQ: GFS) (GF) today announced the appointment of industry and company veteran, Kay Chai (KC) Ang, as president of Asia and Chairman of China. With over 30 years of semiconductor foundry experience, Mr. Ang will lead new business development and strategic partnerships across Asia with a focus on China.

Mr. Ang joined GF in 2010 and has served in a variety of senior leadership roles for the company including most recently as Chief Manufacturing Officer with responsibility for GF’s global sites as well as previously as head of all GF’s Singapore operations.

Prior to joining GF, Mr. Ang held senior leadership positions at Chartered Semiconductor Manufacturing, including Senior Vice President of Sales and Marketing with responsibility for global sales, marketing, services, customer support and regional business operations.

Mr. Ang has been a key player in the growth of Singapore’s chip industry. He serves on the Board of the National Research Foundation in Singapore and is the Chairman of the SEMI Southeast Asia Regional Advisory Board.

“At GF, we leverage our global footprint to provide our customers with the secure, essential chips they need, where they want them produced,” said Niels Anderskouv, chief business officer at GF. “Given his more than 30 years experience coupled with his long-standing relationships with some of Asia’s most senior semiconductor industry leaders, KC is the ideal leader to drive customer engagements and partnerships across Asia and accelerate GF’s business growth within the China market in particular.”  

“I am excited about this next stage of my career. I am looking forward to partnering with my commercial, technical and product management colleagues to expand GF’s relationships and be a trusted, dependable partner for our customers,” said KC Ang, president, Asia & Chairman, China at GF. “The differentiated technology solutions that we offer combined with our manufacturing excellence, especially in key end markets such as automotive, make us a perfect partner for fast growing customers in Asia. In addition, we are responding to many of our existing multi-national customers who are looking for ways to partner with GF to serve the growing demands of their Chinese end customers with high quality manufacturing and essential chip technologies.”

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About GF

GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development, and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.

©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. Or its subsidiaries. All other trademarks are the property of their respective owners.

Media Contact:

Luana Low
+65 9106 3469
[email protected]

Business Times: Building Singapore’s next-gen advanced manufacturing facility

GlobalFoundries Reports First Quarter 2024 Financial Results

MALTA, N.Y., May 07, 2024 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the first quarter ended March 31, 2024.

Key First Quarter Financial Highlights

  • Revenue of $1.549 billion
  • Gross margin of 25.4% and Non-IFRS gross margin(1) of 26.1%
  • Operating margin of 9.5% and Non-IFRS operating margin(1) of 12.1%
  • Net income of $134 million and Non-IFRS net income(1) of $174 million
  • Non-IFRS EBITDA(1) of $577 million
  • Cash, cash equivalents and marketable securities of $4.2 billion

“In the first quarter, GF’s dedicated teams across the world delivered financial results that exceeded the high end of the guidance ranges we provided in our February earnings release,” said Dr. Thomas Caulfield, president and CEO of GF. “As pockets of the semiconductor industry begin to emerge from the inventory correction, our teams are driving foundry innovation and differentiation for our customers across their essential end-markets. We are delighted with the awards from both the U.S. Department of Commerce and New York State to expand our manufacturing capability in the United States, which will complement our unique global capacity offering.”

Recent Business Highlights

  • As part of the U.S. CHIPS and Science Act, the U.S. Department of Commerce announced $1.5 billion in planned direct funding for GF’s New York and Vermont facilities. The proposed funding will support expansion and technology diversification, enabling secure capacity for automotive, aerospace and defense and other key markets.
  • In addition, New York State announced over $600 million in planned funding under the New York State Green CHIPS and other state benefits for GF’s two Malta, New York projects.
  • GF is furthering its commitment to sustainable operations and fighting climate change with the announcement of two new long-term goals to achieve net-zero greenhouse gas emissions and 100% carbon neutral power by 2050. The new 2050 goals are aligned with Paris Agreement goals and build upon GF’s Journey to Zero Carbon pledge in 2021.

(1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS EBITDA and any related margins are all Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.

Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments)

                Year-over-year   Sequential
    Q1’24   Q4’23   Q1’23   Q1’24 vs Q1’23   Q1’24 vs Q4’23
                         
Net revenue   $ 1,549     $ 1,854     $ 1,841     $ (292 ) (16)%   $ (305 ) (16)%
                         
Gross profit     393       525       515     $ (122 ) (24)%   $ (132 ) (25)%
Gross margin     25.4 %     28.3 %     28.0 %     (260)bps     (290)bps
                         
Non-IFRS gross profit(1)   $ 405     $ 537     $ 525     $ (120 ) (23)%   $ (132 ) (25)%
Non-IFRS gross margin(1)     26.1 %     29.0 %     28.5 %     (240)bps     (290)bps
                         
Operating profit   $ 147     $ 303     $ 290     $ (143 ) (49)%   $ (156 ) (51)%
Operating margin     9.5 %     16.3 %     15.8 %     (630)bps     (680)bps
                         
Non-IFRS operating profit(1)   $ 187     $ 383     $ 326     $ (139 ) (43)%   $ (196 ) (51)%
Non-IFRS operating margin(1)     12.1 %     20.7 %     17.7 %     (560)bps     (860)bps
                         
Net income   $ 134     $ 278     $ 254     $ (120 ) (47)%   $ (144 ) (52)%
Net income margin     8.7 %     15.0 %     13.8 %     (510)bps     (630)bps
                         
Non-IFRS net income(1)   $ 174     $ 356     $ 290     $ (116 ) (40)%   $ (182 ) (51)%
Non-IFRS net income margin(1)     11.2 %     19.2 %     15.8 %     (460)bps     (800)bps
                         
Diluted earnings per share (“EPS”)   $ 0.24     $ 0.50     $ 0.46     $ (0.22 ) (48)%   $ (0.26 ) (52)%
                         
Non-IFRS diluted EPS(1)   $ 0.31     $ 0.64     $ 0.52     $ (0.21 ) (40)%   $ (0.33 ) (52)%
                         
Non-IFRS EBITDA(1)   $ 577     $ 773     $ 655     $ (78 ) (12)%   $ (196 ) (25)%
Non-IFRS EBITDA margin(1)     37.2 %     41.7 %     35.6 %     +160bps     (450)bps
                         
Cash from operations   $ 488     $ 684     $ 479     $ 9   2 %   $ (196 ) (29)%
                         
Wafer shipments (300mm equivalent) (in thousands)     463       552       511       (48 ) (9)%     (89 ) (16)%
                         

(1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS diluted EPS, Non-IFRS EBITDA, and any related margins are all Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS metrics are useful.

Summary of Second Quarter 2024 Guidance (unaudited in millions USD, except per share amounts)(1)

  IFRS   Share-based compensation   Non-IFRS (2)
Net revenue $1,590 – $1,640    
Gross profit $367 – $413   $13 – $15   $382 – $426
Gross margin(3) (mid-point) 24.1%       25.0%
Operating profit $94 – $168   $45 – $55   $149 – $213
Operating margin(3) (mid-point) 8.1%       11.2%
Net income $78 – $146   $45 – $55   $133 – $191
Net income margin(3) (mid-point) 6.9%       10.0%
Diluted EPS $0.14 – $0.26       $0.24 – $0.34

(1) The Guidance provided above contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information currently available.

(2) Non-IFRS gross profit, Non-IFRS operating expense, Non-IFRS operating profit, Non-IFRS net income, and Non-IFRS diluted EPS are Non-IFRS metrics and, for purposes of the Guidance only, are defined as gross profit, operating profit, net income, and EPS before share-based compensation, respectively. Non-IFRS operating expense is calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit.

(3) Non-IFRS margins are Non-IFRS metrics and for purposes of the Guidance only, are defined as Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, each divided by net revenue (using the definitions of Non-IFRS gross profit, Non-IFRS operating profit, and Non-IFRS net income, in footnote (2) above, as appropriate).

Unaudited Consolidated Statements of Operations

    Three Months Ended
(in millions USD, except for per share amounts)   March 31, 2024   March 31, 2023
         
Net revenue   $ 1,549     $ 1,841  
Cost of revenue     1,156     $ 1,326  
Gross profit   $ 393     $ 515  
Operating expenses:        
Research and development     124       109  
Selling, general and administrative(1)     122       111  
Restructuring charges           5  
Total operating expenses   $ 246       225  
Operating profit   $ 147       290  
Finance income (expense), net     10       1  
Other income (expense)     (2 )     (14 )
Income tax expense     (21 )     (23 )
Net income   $ 134     $ 254  
Attributable to:        
Shareholders of GlobalFoundries     133     $ 254  
Non-controlling interest     1        
EPS:        
Basic   $ 0.24     $ 0.46  
Diluted   $ 0.24     $ 0.46  
Shares used in EPS calculation:        
Basic     555       550  
Diluted     558       555  

(1) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial.

 
Unaudited Consolidated Statements of Financial Position
 
(in millions USD)   March 31, 2024   December 31, 2023
         
Assets:        
Cash and cash equivalents   $ 2,247     $ 2,387  
Receivables, prepayments and other     1,190       1,420  
Marketable securities     1,110       1,033  
Inventories     1,667       1,487  
Current assets   $ 6,214     $ 6,327  
Deferred tax assets   $ 218     $ 241  
Property, plant, and equipment, net     10,304       10,164  
Marketable securities     807       468  
Other assets     911       844  
Non-current assets   $ 12,240     $ 11,717  
Total assets   $ 18,454     $ 18,044  
Liabilities and equity:        
Current portion of long-term debt   $ 542     $ 571  
Other current liabilities     2,312       2,528  
Current liabilities   $ 2,854     $ 3,099  
Non-current portion of long-term debt   $ 1,766     $ 1,801  
Other liabilities     2,537       1,993  
Non-current liabilities   $ 4,303     $ 3,794  
Shareholders’ equity:        
Common stock/additional paid-in capital   $ 24,078     $ 24,038  
Accumulated deficit     (12,868 )     (13,001 )
Accumulated other comprehensive income     41       67  
Non-controlling interest     46       47  
Total liabilities and equity   $ 18,454     $ 18,044  

 

 
Unaudited Consolidated Statements of Cash Flows
 
    Three Months Ended
(in millions USD)   March 31, 2024   March 31, 2023
         
Cash flows from operating activities:        
Net income $ 134     $ 254  
Depreciation and amortization   392       343  
Finance (income) expense, net and other   6       7  
Deferred income taxes   23       22  
Other non-cash operating activities   30       27  
Net change in working capital   (97 )     (174 )
Net cash provided by operating activities $ 488     $ 479  
       
Cash flows from investing activities:      
Purchases of property, plant, equipment, and intangible assets $ (227 )   $ (853 )
Other investing activities   (373 )     267  
Net cash used in investing activities $ (600 )   $ (586 )
       
Cash flows from financing activities:      
Proceeds from issuance of equity instruments and other   $ 23     $ 37  
Proceeds (repayment) of debt, net   (50 )     (30 )
Other financing activities         3  
Net cash (used in) provided by financing activities $ (27 )   $ 10  
Effect of exchange rate changes   (1 )     1  
Net change in cash and cash equivalents $ (140 )   $ (96 )
Cash and cash equivalents at the beginning of the period   2,387       2,352  
Cash and cash equivalents at the end of the period $ 2,247     $ 2,256  

 

 
Unaudited Reconciliation of IFRS to Non-IFRS
 
    Three Months Ended
(in millions USD, except for per share amounts)   March 31, 2024   December 31, 2023   March 31, 2023
             
Net Revenue   $ 1,549     $ 1,854     $ 1,841  
Gross profit   $ 393     $ 525     $ 515  
Gross profit margin     25.4 %     28.3 %     28.0 %
Share-based compensation   $ 12     $ 12     $ 10  
Non-IFRS gross profit(1)   $ 405     $ 537     $ 525  
Non-IFRS gross margin(1)     26.1 %     29.0 %     28.5 %
             
Selling, general and administrative(2)   $ 122     $ 87     $ 111  
Share-based compensation   $ 21     $ 30     $ 17  
Non-IFRS selling, general and administrative(1)   $ 101     $ 57     $ 94  
             
Research and development   $ 124     $ 105     $ 109  
Share-based compensation   $ 7     $ 8     $ 4  
Non-IFRS research and development(1)   $ 117     $ 97     $ 105  
             
Operating profit   $ 147     $ 303     $ 290  
Operating profit margin     9.5 %     16.3 %     15.8 %
Share-based compensation   $ 40     $ 50     $ 31  
Restructuring charges   $     $ 30     $ 5  
Non-IFRS operating profit(1)   $ 187     $ 383     $ 326  
Non-IFRS operating profit margin(1)     12.1 %     20.7 %     17.7 %
             
Net income   $ 134     $ 278     $ 254  
Net income margin     8.7 %     15.0 %     13.8 %
Share-based compensation   $ 40     $ 50     $ 31  
Restructuring charges   $     $ 30     $ 5  
Income tax effect(3)   $     $ (2 )   $  
Non-IFRS net income(1)   $ 174     $ 356     $ 290  
Non-IFRS net income margin(1)     11.2 %     19.2 %     15.8 %
             
Diluted EPS   $ 0.24     $ 0.50     $ 0.46  
Share-based compensation   $ 0.07     $ 0.09     $ 0.05  
Restructuring charges   $     $ 0.05     $ 0.01  
Income tax effect(3)   $     $     $  
Diluted shares outstanding     558       557       555  
Non-IFRS diluted EPS(1)   $ 0.31     $ 0.64     $ 0.52  
             

(1)Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS operating expense (calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit), Non-IFRS net income, Non-IFRS diluted EPS and any related margins are all Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.

(2) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial.

(3) Relates to restructuring charges.

 
Non-IFRS Free Cash Flow(1)
 
    Three Months Ended
(in millions USD)   March 31, 2024   December 31, 2023   March 31, 2023
             
Net cash provided by operating activities   $ 488     $ 684     $ 479  
Less: Purchase of property, plant and equipment and intangible assets   $ (227 )   $ (228 )   $ (853 )
Non-IFRS free cash flow(2)   $ 261     $ 456     $ (374 )

(1) Non-IFRS free cash flow is a Non-IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.  

(2) Beginning Q1 2024 Non-IFRS free cash flow includes proceeds from government grants related to capital expenditures. This change in methodology is in anticipation of future expected proceeds from government grants related to capital expenditures from the planned funding awarded under the U.S. CHIPS and Science Act and the New York State Green CHIPS, and better aligns our Non-IFRS free cash flow metric to how GF assesses capital decisions internally. As such, prior periods have not been adjusted to reflect this new calculation methodology. Proceeds from government grants were $0, $137 million and $0 for the three months periods ending March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

 
Unaudited Reconciliation of Net Income to Non-IFRS EBITDA
 
    Three Months Ended
(in millions USD)   March 31, 2024   December 31, 2023   March 31, 2023
             
Net income for the period   $ 134     $ 278     $ 254  
Depreciation and amortization     392     $ 402       343  
Finance expense     37     $ 35       31  
Finance income     (47 )   $ (43 )     (32 )
Income tax expense (benefit)     21     $ 21       23  
Share-based compensation     40     $ 50       31  
Restructuring charges         $ 30       5  
Non-IFRS EBITDA(1)(2)   $ 577     $ 773     $ 655  
Non-IFRS EBITDA margin(1)(2)     37.2 %     41.7 %     35.6 %

(1) For the periods presented above, there were no labor optimization expenses or divestiture gains and associated expenses, legal settlements and transaction expenses.

(2) Non-IFRS EBITDA and any related margin are Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.

Financial Measures (Non-IFRS)

In addition to the financial information presented in accordance with IFRS, this press release includes the following Non-IFRS metrics: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expense, Non-IFRS net income, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS diluted earnings per share (“EPS”), Non-IFRS EBITDA, Non-IFRS free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative and Non-IFRS research and development as each respective IFRS measure adjusted for share-based compensation. We define Non-IFRS operating profit as operating profit adjusted for share-based compensation and restructuring charges. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. We define Non-IFRS net income as net income adjusted for share-based compensation, restructuring charges and the associated tax impact. We define Non-IFRS diluted EPS as Non-IFRS net income divided by the diluted shares outstanding. We define Non-IFRS free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets plus proceeds from government grants related to capital expenditures. We define Non-IFRS EBITDA as net income, adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amortization, share-based compensation, restructuring charges, labor optimization initiatives and divestiture gains and associated expenses, legal settlements and transaction expenses. We define Non-IFRS gross margin as Non-IFRS gross profit divided by revenue. We define Non-IFRS operating margin as Non-IFRS operating profit divided by net revenue. We define Non-IFRS EBITDA margin as Non-IFRS EBITDA divided by net revenue.

We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. Management believes that Non-IFRS free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period. For further information regarding these Non-IFRS measures, please refer to “Unaudited Reconciliation of IFRS to Non-IFRS” table above.

Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as a comparative measure.

Conference Call and Webcast Information

GF will host a conference call with the financial community on Tuesday, May 7, 2024 at 8:30 a.m. U.S. Eastern Time (ET) to review the first quarter 2024 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI80dca5c8687f4d3a907a0fb1e1a02465.
The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call.

About GlobalFoundries

GlobalFoundries® (GF®) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.

Forward-looking Statements

This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the wars in Ukraine and Israel; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the planned awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.

Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events, or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2023 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission. Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.

For further information, please contact:

Investor Relations
[email protected]

We Shape What’s Essential: A Conversation with Hui Peng Koh 

Hui Peng discusses her journey from process engineer to General Manager, the CHIPS and Science Act and the future of GlobalFoundries’s most advanced manufacturing site 

Having dedicated her entire career to the semiconductor industry within GlobalFoundries’ (GF) walls, Hui Peng began her journey at GF’s Singapore site nearly a quarter-century ago, making her a familiar face these days in the hallways and cleanrooms of GF. Her path from process engineer to leading GF’s Malta, New York, fab has spanned the globe, and today, she leads a team of more than 1,200 employees in manufacturing and engineering operations. 

Recently her team in Malta gained significant attention following the announcement that it would receive the first major award proposed by the U.S. CHIPS and Science Act. With such an exciting development, we seized the opportunity to catch up with Hui Peng to talk about her role, leadership, and the insights and experiences shaping her vision for GF’s New York fab and the future of the semiconductor industry. 

Let’s start with the most recent developments. What are you most excited about for Malta fab’s next chapter following this proposed investment?

The proposed funding will support multiple GF projects, here in Malta and at our site in Burlington, VT. Here, the biggest impact the proposed investment is going to have in New York specifically is that we will be adding wafer manufacturing capacity to our Malta facility. The first part is the expansion of our capacity within the current four walls of the fab. The second phase, which involves the construction of a new state-of-the-art fab on our Malta campus, will come afterwards to support the industry as demand continues to rise. The goal of both phases is adding secure capacity for essential chip manufacturing for automotive and other key markets.

How will the proposed funding diversify GF’s Malta fab into new technologies and end markets?

The proposed investment will allow GF to bring different shades of technology to the fab. Independent of the funding, our goal as a foundry is always to diversify our technology portfolio to bring the most value to customers. We always say there are three elements needed to help us add capacity – GF investment, government investments, and customer demand. All three come together to help add capacity to bring new technologies to our end market customers across automotive, aerospace, defense, IoT and other vital markets to help them reach their goals. We’re excited that the generous investment from the Department of Commerce will enable us to do this faster.

Switching gears, could you tell us more about your journey that led you to being the GM of GF’s fab in Malta, NY?

I started my journey in the semiconductor industry as a lithography process development engineer in Singapore at Chartered Semiconductor, a site later acquired by GF. After receiving my master’s degree in engineering from Nanyang Technological University and spending a decade in technology development in Singapore, I moved to the United States to lead EUV lithography research, which is the process of using cutting-edge light technology to draw the tiny circuits inside. I returned to manufacturing facilities when the Malta fab was founded. I started by leading a module (Lithography), then became the overall module engineering leader. I’m incredibly honored to have stepped into the role of General Manager of the fab last summer.

I’d imagine all of your responsibilities keep you quite busy! What does your day to day look like as the leader of the fab?

My day to day is comprised of three primary tasks, which include:

  • Reviewing operations performance to ensure we are operating efficiently from a capacity and cost perspective
  • Strategy initiative reviews, to make sure that the fab is positioned for a bright future
  • Spending time with my team

My favorite part of the role is spending time with the extended team. Whether it’s one-on-one interactions in the halls of the fab or formal leadership gatherings, meeting with my team gives me energy and inspires me. Switching between these different duties can prove to be challenging at times, but it’s also what makes the job so exciting.

You are GF’s first female GM. Given this significant accomplishment in a historically male-dominated industry, what developments would you like to see in the semiconductor workforce?

I became a manager early on in my career. Along the journey, I have been able to motivate and inspire other female talent. In my current role as fab GM, I’m in a position where I can make a much bigger impact in fulfilling my aspiration to bring more women into the semiconductor industry. Driving the percentage of women in GF’s’ workforce is a goal we are continuously working towards, and we’ve already seen great progress in growing the percentage of females in new college graduates and our intern cohorts, which were 38% women last year. As I strive to further the professional growth of hundreds of women in the semiconductor workforce through mentorship, guidance and advocacy for female talent within GF, I also hope to see these efforts replicated on a wider scale throughout the industry.

What do you enjoy most about working with the local Malta community?

As one of the largest employers in the region, the engagement we have with the local community is very important to us. In fact, we owe the huge strides we are taking in workforce development in part to this community. For example, we partner closely with Hudson Valley Community College on our apprenticeship program to prepare individuals to fill positions in the organization, which has become even more critical due to the shortage of qualified workers. With GF being so well supported by our friends in Malta, we are always looking to give back to this community. From volunteering at the food pantry and animal shelters to sponsoring STEM events with local charitable organizations, I’m always happy to see our teams work together to make Malta a better place.

What is your advice to semiconductor professionals earlier in their careers, or individuals considering pursuing a career in the industry?

I always like to tell people that technically this is my first job. For everyone, it’s important to start with the things you love doing. Once you’ve identified your passion, you can continue to grow within a company or industry. It’s an extremely exciting time in the semiconductor industry, and I believe there are even more opportunities for individuals to grow, make an impact and be a role model to others on the same path. One of the biggest personal motivators for me has been the endless possibilities to learn and be part of the solution. In the semiconductor industry, there are so many opportunities to make a difference. There is never a dull moment in the job we are doing, and I’m lucky to be able to work alongside so many talented individuals at GF.

Are there any trends you’re looking forward to seeing in the industry in the next few years?

I’m watching two forces closely – one from a technology side, the other from the talent perspective. I’m excited to see artificial intelligence play out in the space. Due to its novelty, it has yet to be fully understood in terms of how it is going to translate to demand and the need for innovation. At GF, we are keeping a close eye on how the rise of AI will impact the technology we are driving, the customers we serve, and the role we play in the semiconductor industry.

Workforce development will also be a key part of the story. Right now, there’s a lot of attention on how to build talent quickly to support industry growth. In the next few years, I hope to see the industry come together more to address this issue as a whole, and I believe that the Malta fab and GF will play a very active role in developing a sustainable talent pipeline.

Resource Conservation is Key to GF’s Sustainability Efforts

By Candice Callahan
Principal Member of the Technical Staff for Corporate Environmental, Health, and Safety and Sustainability, GlobalFoundries

Even as our second annual Earth Week celebration draws to a close, GlobalFoundries remains laser-focused on identifying and implementing new ways of reducing resource use and finding efficiencies in our day-to-day operations as we manufacture the essential semiconductors the world needs. For us, every day is Earth Day.

In this article, I would like to share how GF is making a difference in the key areas of water use, hazardous waste management and chemical usage.

Click here to read my colleague John Compani’s article that covered our efforts to reduce greenhouse gas emissions and electricity use. Also click here to read about GF’s new long-term goals to achieve net zero greenhouse gas emissions and 100% carbon-neutral power by 2050.

GF’s headquarters and manufacturing facility in Malta, New York

Water Use

Semiconductor manufacturing requires significant amounts of water, and GF has been making strategic investments that reduce consumption and promote the recycling and reuse of water at our facilities.

These programs are working. In 2023, 39% of GF’s total water use was covered by recycled and reused water. Last year our teams around the world implemented projects that are on track to help us achieve an annual savings of more than 341,000 m³ (90 million gallons) of water – about the water used by more than 800 average U.S. households in one year1.

At the end of the day, our normalized water use2 in 2023 represented a reduction of 19% from 2020. Below are a few examples of our successful projects:

  • In Singapore, a wastewater stream from a reverse osmosis system was redirected for reclamation and reuse in the facility cooling tower and main exhaust scrubber system, resulting in savings of 219,000 m3 (58 million gallons) of water per year. 
  • In New York, the process to flush and qualify ultrafilters with ultrapure water was modified to collect the resultant wastewater for reuse, resulting in approximately 26,000 m3 (6.8 million gallons) of water savings per year. 
  • In Vermont, upgrades and preventative maintenance updates on a group of chemical-mechanical planarization manufacturing tools resulted in 32,000 m3 (8.4 million gallons) of water savings per year. 
Inside GF’s manufacturing facility in Essex Junction, Vermont

Hazardous Waste Management and Chemical Usage

GF has rigorous chemical review and pollution prevention programs across all of our worldwide manufacturing sites. Our goal is to identify opportunities to reduce or eliminate chemical use and waste generation, whether through process innovation, finding new efficiencies, or novel ways of reusing or recycling materials.  

In 2023, across our global sites, GF completed a range of projects resulting in the combined reduction of more than 4,600 metric tons of hazardous waste and chemical use. Together, these projects represent $4.5 million in annual savings for GF.

Examples of these projects include:

  • In Singapore, a series of solvent usage reduction efforts by optimizing recipes at our 200mm fabs resulted in a combined annual chemical savings of $74,000 per year.
  • In New York, our team completed a project to adjust concentrations of chemicals used in the wet cleans process, which will reduce consumption by 70 tons of hydrogen peroxide and 26 tons of ammonium hydroxide per year, saving the company approximately $138,000 per year in material costs.
  • In Vermont, our team developed a new method for reducing and optimizing the use of specific gases used as cleaning agents inside semiconductor manufacturing tools, resulting in a savings of $60,000 year.

Thank you for taking the time to read and learn more about GF’s commitment to improving our resource conservation efforts, sustainable operations, and minimizing our impact on the environment. Click here for additional information.

Candice Callahan is a Principal Member of the Technical Staff with GF’s Corporate EHS & Sustainability Team. She is based in Essex Junction, Vermont, with a focus on GF’s Environmental Performance, Resource Conservation and Sustainability efforts.

1 Using the U.S. Environmental Protection Agency’s estimate that the average U.S. family uses 300 gallons of water per day [link]

2 Normalized water use is how we measure efficiency for how much water it takes to manufacture our products.

GF Earth Week 2024: Protecting our Planet Together

GF resource conservation projects reduce the company’s environmental impact

By John Compani
Senior Member of the Technical Staff for Corporate Environmental, Health, and Safety and Sustainability, GlobalFoundries

This week GlobalFoundries (GF) is celebrating our second annual Earth Week, in honor of Earth Day and our collective responsibility of being a good steward of our planet and its resources. Our theme for Earth Week is: “ONEGF, One Planet, Protect it Together.”

As Dr. Thomas Caulfield, president and CEO of GF, said earlier this week when announcing our new goals of achieving net zero emissions and carbon-neutral power by 2050:

“Climate change is a universal concern for every nation, company and person on this planet, and there are no do-overs when it comes to global warming. It is incumbent upon all of us to take meaningful action to fight against this risk.”

GF has a longstanding commitment and proven track record of sustainable operations and minimizing our impact on the environment. Below are examples of GF’s commitment in action, across the key areas of greenhouse gas (GHG) emissions and electricity consumption. Watch for an article later this week on other key resource conservation efforts in the areas of water use, hazardous waste management and chemical usage.

GF’s manufacturing facility in Dresden, Germany

Greenhouse Gas Emissions

Earlier this week, GF doubled down on its commitment to sustainability by announcing exciting new goals of achieving net-zero greenhouse gas (GHG) emissions and 100% carbon-neutral power by 2050. This work builds upon GF’s Journey to Zero Carbon pledge to reduce our GHG emissions by 25% from 2020 to 2030.

We are on track to meet this 25% reduction goal by 2030, thanks to strong leadership and our innovative global team applying a variety of approaches and investments tailored to GF’s unique global manufacturing footprint. Our efforts are paying off, with GF emitting 27% less GHG per wafer1 in 2023 than it did in 2020. The combined reoccurring annual benefits of projects completed in 2023 alone resulted in approximately 125,000 MTCO2e of GHG reductions, that’s roughly equivalent to the emissions from driving a car around the earth 1,500 times2!

Below are a few examples of the many exciting projects GF’s team completed in 2023 to help reduce our GHG emissions:

  • In Vermont, the installation of point-of-use abatement devices on specific tools resulted in annual GHG emission reductions of 2,800 MTCO2e, and the qualification and use of alternative heat transfer fluids in some etch tools will reduce annual GHG emissions by 6,600 MTCO2e and provide approximately $60,000 per year in material savings.
  • In New York, the qualification and use of alternative heat transfer fluids in a group of chemical vapor deposition equipment will result in approximately $185,000 in material savings and the elimination of 35,000 MTCO2e in greenhouse gas emissions per year.
  • In Singapore, a multi-year project continued to upgrade specific tools with a more efficient chamber-cleaning process resulting in a GHG emission reduction of 78,000 MTCO2e per year.

Additionally, earlier this year GF and Keppel announced a multi-year power purchase agreement to provide electricity at GF’s Singapore site. By using power from Keppel’s new advanced power plant scheduled for completion in 2026, it is expected that GF will be able to reduce emissions from its Singapore site by more than 10% – or up to 70,000 tons of CO2 emissions – per year. Click here to read more.

Inside GF’s Singapore manufacturing facility

Electricity Use

Semiconductor manufacturing is an energy-intensive process. Not only do electricity conservation projects save money, but they can also reduce the GHG emissions generated as a byproduct of producing that electricity.

In 2023, GF’s sustainability and efficiency efforts produced an annual savings of more than 23.5 million kilowatt-hours (kWh) of electricity – enough to power approximately 2,200 U.S. households for a year3. This resulted in significant savings in operational costs as well as a reduction in indirect GHG emissions associated with the purchased electricity.

With the completion of power-saving projects in 2023, GF on average used 19% less electricity to produce a wafer1 than it did in 2020. Examples of these projects include:

  • In Dresden, Germany, two additional heat exchangers were put into operation to support process chilled water systems, resulting in a savings of approximately 170,000 kWh per year and nearly 2,400,000 kWh per year in LED lighting upgrades were made to the facility.
  • In Singapore, strategically removed heat tracing on a group of etch tools resulting in energy savings of 733,000 kWh per year.
  • In New York, nearly 800,000 kWh in LED lighting upgrades were completed in the cleanroom, and new improvements to temperature controls for areas of the subfab and cleanroom resulted in over 554,000 kWh per year of electricity savings.

Also, earlier this year, GF supply partner Air Liquide announced an investment of over 50 million euros to build a new plant in Singapore and revamp its existing facilities in Malta, New York, to supply high purity nitrogen to GF. These Air Liquide projects are expected to enable GF to benefit from higher energy efficiencies. Read more about it here.

John Compani is a Senior Member of the Technical Staff with GF’s Corporate EHS & Sustainability Team. He is based in Malta, New York, with focus on GF’s Environmental Performance, Resource Conservation and Sustainability efforts.


1 “per wafer” is an approximation; the technical measurement is “per production output” which takes into consideration the size of semiconductor wafers (200mm or 300mm) and complexity of the product (number of mask layers) when calculating GHG emissions or electricity use per wafer.

2 GHG Protocol Average gasoline car emission factor 2 kg CO2e/vehicle-km [link]

3 Using the U.S. Energy Information Administration’s estimate that the average U.S. household consumes about 10,500 kilowatt-hours (kWh) of electricity per year. [link]

Women MAKE Awards Recognizes GlobalFoundries’ Jennifer Robbins and Katelyn Harrison for Manufacturing Excellence

Robbins and Harrison honored by the Manufacturing Institute at gala

ESSEX JUNCTION, VT, April 23, 2024 – Last week, the Manufacturing Institute (MI)—the workforce development and education affiliate of the National Association of Manufacturers—honored two outstanding women from GlobalFoundries (Nasdaq: GFS) (GF) at their annual Women MAKE Awards. Jennifer (Jenny) Robbins, Senior Director, Central Facilities, was recognized as a 2024 Women MAKE Awards Honoree, while Katelyn Harrison, Senior Integration Engineer, was honored as an Emerging Leader. The Women MAKE Awards is a prestigious national program that honors women who have demonstrated exceptional leadership and excellence in their careers, representing all levels of the manufacturing industry, from the factory floor to the C-suite.

Jenny Robbins
Katelyn Harrison

For over two decades, Jenny Robbins has been an influential leader at GF. In 2023, she made a successful transition from a manufacturing leadership role to a global facilities role, where she built her new central facilities engineering team. In 2022, Robbins established the Community Engagement Team at GF’s Vermont facility in Essex Junction, which has significantly boosted employee engagement, inclusion and belonging. She continues to be a mentor, recently serving as the executive sponsor of GF’s Early Tenure Professionals employee resource group. Robbins played a role in the final stages of enabling GF in Vermont to become its own electric utility, GF Power. She and the team are in the planning stages of installing solar arrays at the site.

“I am empowered when my contributions positively impact my team, my company, and my community,” said Robbins. “Receiving the MI’s Women MAKE Honoree Award is a great honor, and I am deeply grateful.”

The Women MAKE Awards are part of the MI’s Women MAKE America initiative, which is the nation’s marquee program to close the gender gap in manufacturing. Women account for about half of the U.S. labor force but represent less than one-third of the manufacturing workforce. Women MAKE America aims to build the 21st-century manufacturing workforce by empowering and inspiring women in the industry.

“The Women MAKE Awards showcase the vibrant, diverse and rewarding careers in the industry and how women have excelled as manufacturing leaders, paying it forward to inspire and uplift the next generation to pursue opportunities in modern manufacturing,” said Caterpillar Group President of Resource Industries and Women MAKE Awards Chair Denise Johnson.

In her relatively short time at GF, Katelyn Harrison has demonstrated exceptional leadership, overseeing four different unit operations and spearheading complex projects with cross-functional teams. Recently, she assumed a leadership role as a senior engineer in semiconductor manufacturing process integration engineering. Shortly after joining GF, Harrison implemented updates to onboarding and community building for early tenure professionals, which have since been adopted by other GF sites globally. As a GF GlobalAmbassador, Harrison visits middle and high schools to introduce STEM to future technical leaders. In addition to her mentorship at GF, she also participates in MI’s Women MAKE Mentorship Program, serving as both a mentor and mentee.

“Continuous learning and growth empower me. By embracing new knowledge and skills, I gain confidence and resilience to navigate challenges. For me, empowerment stems from the journey of self-improvement and the belief that every obstacle presents an opportunity to become stronger,” said Harrison. “I am sincerely thankful to the MI for honoring me with this Emerging Leader award!”

“I am thrilled to congratulate Jenny and Katelyn on their Women MAKE Awards! They are both remarkable and innovative leaders who consistently make a positive impact at GF,” said Ken McAvey, Vice President and General Manager of GF’s Fab 9 site in Essex Junction, Vermont. “Jenny’s unwavering dedication to her employees, team, community, and business outcomes, and Katelyn’s innate talent for communication and collaboration across a diverse range of colleagues and stakeholders, are the driving forces behind their success. We are deeply grateful for Jenny and Katelyn’s outstanding service and leadership and eagerly anticipate their future achievements at GF.”

The Women MAKE Awards gala, held on April 18, 2024, in Washington, D.C., honored 100 industry leaders (“Honorees”) and 30 rising stars (“Emerging Leaders”) who were nominated by their companies as the “go-to” women, recognized for their innovation, dedication, contributions and good counsel. The evening highlighted the story of each Honoree and Emerging Leader, including their leadership and accomplishments in manufacturing. Honorees were further rewarded with access to a two-day leadership development conference in Washington, D.C., in the days leading up to the evening awards gala. Since its launch in 2011, the program has honored and recognized more than 1,400 Honorees and Emerging Leaders.

“With more than 600,000 open jobs in manufacturing today and the continued need to fill millions more jobs by the end of the decade, it’s critical for manufacturers to engage the largest underrepresented pool of talent: women,” said MI President and Executive Director Carolyn Lee. “The 2024 Women MAKE Awards gala was an inspirational, powerful event, where some of the brightest stars in manufacturing were recognized for the incredible work they have done—both to grow our industry and to uplift others like them.”

GF’s facility in Essex Junction, Vermont, near Burlington, was among the first major semiconductor manufacturing sites in the United States. Today, around 1,800 GF employees work at the site. Built on GF’s differentiated technologies, these GF-made chips are used in smartphones, automobiles, and communications infrastructure applications around the world.

About GlobalFoundries

GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development, and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com

©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. 

Forward-looking Information

This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

About The Manufacturing Institute
The Manufacturing Institute builds, diversifies and strengthens the modern manufacturing workforce, with the goal of furthering individual opportunity, community prosperity and a more competitive manufacturing industry. The MI engages underrepresented communities and shifts perceptions about careers in modern manufacturing, leads skilled training and career development programs, provides thought leadership and research on the changing state of the workforce and builds partnerships to scale up its impact on manufacturing in the United States. As the 501(c)3 nonprofit workforce development and education affiliate of the National Association of Manufacturers, the MI is a trusted adviser to manufacturers, equipping them with solutions for the industry’s toughest challenges. For more information, please visit www.themanufacturinginstitute.org.

Media Contact:

Gina DeRossi
518-491-5965
[email protected]

GlobalFoundries Commits to Achieving Net Zero Emissions and Carbon-Neutral Power by 2050

New goals target additional reductions and removal of greenhouse gas emissions to help fight climate change 

MALTA, N.Y., April 22, 2024 – GlobalFoundries (Nasdaq: GFS) (GF) is furthering its commitment to sustainable operations and fighting climate change with the announcement of two new long-term goals to achieve net-zero greenhouse gas (GHG) emissions and 100% carbon-neutral power by 2050. 

The new 2050 goals are aligned with Paris Agreement goals, and build upon GF’s Journey to Zero Carbon pledge in 2021 to reduce its greenhouse gas emissions by 25% from 2020 to 2030, even as the company continues to expand its global manufacturing capacity. Net-zero is the widely accepted international goal for mitigating global warming in the second half of the century, and calls for companies to reduce GHG emissions to keep the global rise in temperature below 2°C above pre-industrial times. 

Since 2021, GF has initiated energy efficiency improvements and implemented multiple projects employing alternative chemistries and abatement controls across its global semiconductor manufacturing operations. GF has also signed multiple agreements to improve the energy efficiency of onsite systems and reduce carbon emissions from electricity production. GF is on track to meet its 25% reduction goal by 2030, and is now taking the next step by setting a net zero goal for 2050. 

“Climate change is a universal concern for every nation, company and person on this planet, and there are no do-overs when it comes to global warming. It is incumbent upon all of us to take meaningful action to fight against this risk,” said Dr. Thomas Caulfield, president and CEO of GF. “With our net zero 2050 goal, GF is pledging to continue our sustainability journey and innovate new ways of reducing our emissions and our overall impact on the environment. Not only does this make sense and drive value from a business perspective, it’s the right thing to do for our planet and the future of humanity.” 

To achieve its net zero 2050 goal, GF will further reduce emissions through the continued use of state-of-the-art emissions controls when expanding its manufacturing footprint, installation of new controls on existing sites where appropriate, expanded use of alternative chemistries, and achieving 100% carbon-neutral power. The company is also working with suppliers and partners to further reduce and remove emissions across GF’s value chain. 

GF’s net zero 2050 goal is the latest example of the company’s longstanding commitment to sustainable operations. Recent recognitions of these efforts include being named to Morningstar Sustainalytics’ “2024 Top-Rated ESG Companies,” maintaining a “Prime” corporate ESG performance rating in 2023 from ISS, and being named to Newsweek’s 2023 and 2024 lists of “America’s Most Responsible Companies.” 

Read more about sustainability at GF: https://gf.com/about-us/corporate-responsibility 

About GlobalFoundries 

GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development, and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.  

©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners.  

Forward-looking Information 

This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. 

Media Contact: 

Michael Mullaney 
[email protected] 

Through the Lens of Chris Payne: A Photographic Journey at GlobalFoundries

Payne’s perspective on showcasing beauty, complexity and the future in semiconductor manufacturing 

Chris Payne

In late 2022 GlobalFoundries (GF) invited Chris Payne, an acclaimed photographer with a specialization in architectural and industrial photography, to our Malta, New York, facility for a behind-the-scenes glimpse into the world of semiconductor manufacturing. Over the course of six days, he captured dozens of images, showcasing the intricate processes of GF’s cleanroom, sub-fab and other key areas. Several of these striking images are featured in Payne’s recent book, ‘Made in America’ and are now proudly displayed in the ‘Semiconductors Unveiled’ gallery at our headquarters. We recently caught up with Chris to ask him about his creative journey at GF and how his photography bridges art with the cutting-edge world of semiconductor technology. 

Q: Thanks so much for connecting, Chris. Your latest book ‘Made in America’ includes a section on semiconductor manufacturing. What inspired this focus? 

A: In my book I wanted to tell a comprehensive story about manufacturing, drawing a narrative arc from older, more traditional processes to newer, more technologically advanced ones, like the making of semiconductor chips. Being able to photograph GlobalFoundries was like having the final chapter written and made it easier to assemble the rest of the book. 

Q: How did your perception of the company evolve throughout your photographic journey? 

A: Walking into the giant cleanroom for the first time was overwhelming and I realized that I would need help from GF to plan and make the pictures. I couldn’t have asked for a better partner; the shoots felt like a creative collaboration where we all shared a common goal. This level of cooperation and generosity is rare in an age when tech companies are wary of opening their doors to photographers. 

Q: Before visiting GF, what were your main objectives or hopes for the photography project? How did these goals shape your approach? 

A: My main objective was to make a series of compelling pictures that strike a balance between beauty and information, that pull back the curtain on the chipmaking process while also being aesthetically pleasing. I tried to avoid the generic views we’ve seen before of cleanrooms with workers in white bunny suits. For my pictures I knew I needed to dig deeper, so we spent many hours exploring the fab to come up with new and interesting ideas. 

Q: Can you describe the process and any unexpected hurdles you encountered photographing in GF’s semiconductor fab? 

A: As a photographer, I’m accustomed to an immersive, hands-on approach, but this wasn’t possible at GF since I was suited from head to toe in protective gear. Every piece of my equipment had to be wiped down before entering the fab, and we had to budget extra time to get around such a vast and labyrinthine site. That said, I enjoyed the luxury of widespread access and had all the help I needed from the GF team, so things couldn’t have gone smoother. 

Q: Was there anything about GF or semiconductor manufacturing that surprised or intrigued you during your visit? 

A: What I found most intriguing was the contrast in scale between the miniscule size of the chips and the immense size of the factory. I can’t think of another product or process where this relationship is so disproportionate. I’ve seen cleanrooms before, but I had no idea how much infrastructure is required to make it all work. 

Q: Of all the images you captured at GF, which one do you find the most aesthetically striking, and which is your personal favorite?  

A: If I had to choose one picture, it would be the view looking up at the FOUPs (Front Opening Unified Pods) running along the AMHS (Automated Material Handling System). I remember when I first saw the FOUPs zipping overhead I felt as if I had walked into the future. For this picture we were able to choreograph the FOUPs by slowing them down and rerouting them to create a bustling intersection. 

Another personal favorite is the image of [GF senior engineer] Lydia inspecting the wafer sorter. Here I was able to place my camera inside the sorter and have Lydia peer inside to create a dramatic, intimate scene. Even though the fab is mostly automated, humans must keep a watchful eye to ensure that everything runs smoothly.  

Q: Semiconductor manufacturing is rarely seen as a subject of fine art. How did you approach revealing the beauty in this technical and industrial process? 

A: It’s impossible to photograph semiconductor chips being made, since the process is inaccessible and hidden from view, but I knew there had to be a way to convey its complexity. I recall my disappointment when we toured the sub fab because it seemed generic, like any other mechanical space. Then I looked up and saw a maze of pipes and tubes feeding the cleanroom, revealing the fab as one giant interconnected machine. It was the perfect balance of order and chaos, yet still ambiguous enough to inspire imagination and awe, and shows that beauty can be found in the most unexpected of places.   

Q: How do you think your work, particularly in semiconductor manufacturing, influences public perception or understanding of this industry? 

A: I’d like to think that I’m doing important work, documenting one of the most essential technologies of our time. If my pictures make people pause to appreciate what it takes to sustain our modern, digital way of life, then that’s a bonus. But even if no one notices or cares, I’m still grateful for having seen this incredible place, and look forward to future collaborations with GlobalFoundries! 

Achieving Excellence in Workplace Equality and Setting a New Standard in Inclusivity

GF earns top score in the Human Rights Campaign Foundation’s 2023-24 Corporate Equality Index 

By Emma Cheer  
Director, Diversity, Equity, Inclusion and Belonging at GlobalFoundries 

GlobalFoundries (GF) is proud to announce we have earned a top score in the Human Rights Campaign (HRC) Foundation’s 2023-2024 Corporate Equality Index (CEI). This is a big deal – it’s the leading survey and report measuring lesbian, gay, bisexual, transgender and queer employee (LGBTQ+) workplace equality, and our score reflects GF’s dedication to an inclusive culture where everyone, regardless of their identity, feels valued and respected. 

GF received a perfect score of 100 for the CEI. Much more than just an accolade for GF, this score represents our deep-rooted belief that a diverse and inclusive workforce improves business outcomes by fostering innovation, improving employee engagement and retention, attracting talent, and increasing productivity. 

GF celebrated this news at many of its U.S. locations. 

“Working for a company that shares my core values was a key differentiator when I chose to join GF,” said Jean Trewhella, GF’s director of post fab engineering and executive sponsor of the company’s Pride@GF employee resource group. “Gaining the HRC CEI 100 score is a visible and bold indicator that GF continues to grow along these core values of diversity, equity and inclusion, making GF a great place to work for employees and the obvious choice for new hires!” 

The 2023-2024 CEI included 1,384 participating organizations advocating for specific gender identity non-discrimination protections. Covering 21 million employees worldwide, these protections are crucial and we are honored to be part of this progressive change. 

In the words of RaShawn “Shawnie” Hawkins, HRC’s senior director of workplace equality: “Our goal at the Human Rights Campaign Foundation is to work in a spirit of partnership with companies, providing educational resources and leading benchmarking, and collaborating on ways for businesses to support the LGBTQ+ community at a time when we face unprecedented legislative attacks, heightened anti-LGBTQ+ rhetoric and physical violence. The CEI is an ever-evolving tool – a blueprint that companies can use to show up more effectively in supporting their LGBTQ+ employees and their families.” 

Click here to learn more about diversity and inclusion at GF and click here for more information on the HRC CEI 2023-2024. 

About Pride@GF 

Pride@GF is a GF employee resource group that is dedicated to providing an inclusive environment for members of the LGBTQ+ community and their allies, empowering employees to bring their full selves to work, and informing and guiding GF to create a culture of inclusion.