IBM joins $635M semiconductor effort in New York
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Research Triangle Park, N.C. — IBM is joining a public-private sector consortium targeting semiconductor research and production in the state of New York.
It's the second largest commitment to chips IBM has made in the past two weeks even as rumors continue to swirl that Big Blue is trying to sell its big chip complex in East Fishkill, N.Y.
Just a week ago, IBM (NYSE: IBM) said it would invest $3 billion in efforts to develop new semiconductors.
The latest agreement forms the New York Power Electronics Manufacturing Consortium and includes $135 million from the state of New York.
Private companies including General Electric, IBM and GlobalFoundaries are contributing some $500 million. More than 100 private companies are involved.
Alliance@IBM, which is seeking to represent IBM workers, said it had been told that the proposed sale of the IBM complex was off.
"In an email sent to the Alliance it was stated that Mike Cadigan VP microelectronics announced to managers at East Fsihkill, NY that the deal was off," the union said.
"We have no further information but wanted to give everyone who has been watching and waiting a heads up to dig deeper."
IBM employs some 7,500 people across North Carolina.
More details about the new consortium can be read online.
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