Through a change of ownership in 2015 and job numbers dropping from more than 8,000 to about 2,800, the former IBM, now GlobalFoundries microchip plant hangs in there.
The new company will crunch data from customers’ electric meters to help forecast conditions on the grid, which is predicted to save Vermonters money.
Tests showed PFOA levels of up to 7,200 parts per trillion at Champlain Cable — 360 times the 20 parts per trillion maximum concentration allowed by state law.
The governor said he began reading in the news that IBM was looking to get out of the chipmaking business. When he realized GlobalFoundries might take over, Shumlin said, he called the company.
A five-page report issued Thursday outlines how much money three companies receive from state incentive programs and announces an additional $185,000 for GlobalFoundries.
GlobalFoundries said Friday it is offering retirement incentives to an undetermined number of people across the company.
Companies close deal that will pay UAE-owned GlobalFoundries $1.5 billion to take over IBM’s chip-making operations in Vermont, New York.
The Vermont Enterprise Fund wasn’t created to benefit a single company, but the creation of the fund coincided with growing concerns about International Business Machines Inc. selling or relocating its chip-making plant.
The death, or near death, of Vermont’s independent pursuit of a single payer health care system is the No.1 story, as voted by VTDigger staff. Vermont Yankee, IBM, DCF, Vermont Health Connect and the surprising general election also figured prominently.
GlobalFoundries acquires IBM, state wrestles with sagging tax receipts, FairPoint workers strike and EB-5 complaints were among the year’s top business and economy stories.
IBM will pay GlobalFoundries $1.3 billion over three years to take its semiconductor manufacturing wing. The new owner says Vermont employees will keep their jobs.
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.
Economists project steady growth in Vermont, but warn it could be hampered by IBM layoffs and Vermont Yankee closing. They also point to a new statewide comprehensive development strategy as a positive factor.
Electric rates for Green Mountain Power customers dropped 2.46 percent on Oct. 1, the utility announced Monday. GMP President and CEO Mary Powell said in a statement that the company’s long-term power contracts and in-state renewable power generation allow the company to lower energy bills for customers. The company last year proposed a 0.03 percent […]