Mubadala says GloFo is "integral" to portfolio

February 28, 2019 //By Peter Clarke
Mubadala says GloFo is "integral" to portfolio
With words that may calm fears that Globalfoundries is up for sale, the CEO of foundry's owner, Mubadala Investment Co., said today (February 28, 2019) that the chip foundry is an "integral part of Mubadala's portfolio."

The words were quoted in a statement issued as Globalfoundries' manufacturing site in Singapore was visited by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. His excellency Khaldoon Khalifa Al Mubarak, CEO of Mubadala, accompanied the Crown Prince on his trip.

The Crown Prince had come from South Korea as part of tour to strengthen bilateral and economic collaboration between the UAE and a number of Asian countries. While in South Korea the Crown Prince had visited the headquarters Samsung Electronics Co. Ltd. and toured semiconductor facilities prompting further speculation that Mubadala is looking to end its decade-long investment in chip making (see Crown Prince's visit fuels rumour of GloFo sale).

Mubadala is the sovereign wealth fund of Abu Dhabi and the Crown Prince serves as the chairman of that company. Speculation has been rampant in recent weeks that Mubadala is seeking an exit and has been pitching Globalfoundries to some combination of Samsung and SK Hynix.

The Crown Prince and his entourage visited the Globalfoundries facilities in Woodlands Technology Park on Thursday (Feb. 28) as part of an official visit to Singapore. The site employs 5,500 people and has the capacity to manufacture millions of semiconductor wafers across multiple process technologies. This is fits with the company's plan to drop back from the leading-edge in production and offer a diverse set of technologies tailored for the mainstream (see GloFo rethinks its future, drops 7nm FinFET).

"The technologies manufactured here in Singapore are enabling a new era of innovation in a world that now has billions of connected devices," said Al Mubarak, in the statement. "With its focused and inspirational leadership and a clear strategy for value creation, Globalfoundries continues to be an integral part of Mubadala’s portfolio," he concluded.

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