Bloomberg News reports that IBM has sealed a deal with GlobalFoundries.
IBM will pay GlobalFoundries $1.5 billion to take over its microelectronics unit, which includes the chip making plant in Essex Junction. IBM employs about 4,000 people in Vermont.
IBM issued a statement Sunday saying it will make a “major business announcement” at 7 a.m. Monday. The company is expected to release its third quarter 2014 earnings today. IBM will hold a conference call at 8 a.m.
Bloomberg reports that the chip-manufacturing division has been a “drag on earnings.”
Gov. Peter Shumlin will hold a press conference 9:30 a.m. at the Lake Champlain Regional Chamber of Commerce in Burlington.