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US rubberstamps AMD manufacturing spin-off

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AMD's Abu Dhabi-funded manufacturing spin-off has been rubberstamped by the US Treasury Department.

On Tuesday, the Committee on Foreign Investment in the United States (CFIUS) gave the go-ahead to The Foundry Company, a semiconductor manufacturing joint venture cooked up by AMD and an investment arm of the Abu Dhabi government.

According to statement from AMD and Abu Dhabi's Advanced Technology Investment Company (ATIC), the CFIUS has also said that a proposed investment in AMD by the Mubadala Development Company - a public joint stock company headquartered in Abu Dhabi, the capital of the United Arab Emirates - does not require its approval.

AMD first announced its manufacturing spin-off in October, and in December, after its shares continued to nose dive, the struggling chipmaker agreed to a smaller stake in the joint venture. AMD will now own 34.2 per cent of The Foundry Company (down from the original 44.4 per cent) and ATIC will control 65.8 per cent.

Both companies, however, will maintain equal voting rights.

The Foundry Company will run a refurbished fab in Dresden Germany and build a new one in Saratoga County, New York. ®

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