Ex-Im Approves $1 Billion Direct Loan to Finance Export of U.S. Manufacturing Equipment to Germany
December 13, 2012
(Ex-Im Bank)
Washington, D.C. – In a decision that will support nearly 10,000 high-tech jobs,
the Export-Import Bank of the United States (Ex-Im Bank) has approved a $1.03
billion loan to GLOBALFOUNDRIES to finance the export of American-made
semiconductor manufacturing equipment to Germany.
The transaction, which is Ex-Im Bank’s third with GLOBALFOUNDRIES and its
related entities, will support approximately 9,700 jobs, according to Bank
estimates derived from Departments of Commerce and Labor data and methodology.
Four American exporters from California, Massachusetts, and Oregon will
participate in the transaction.
Ex-Im Bank’s credit will support the expansion of the GLOBALFOUNDRIES Fab 1
silicon-wafer-fabrication facility in Dresden, Germany. The expansion will
increase the company’s capacity to manufacture semiconductor products, which are
critical components of personal computers, tablets, and smart phones.
“Our financing allows American manufacturers to capture a larger share of a
growing market,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “The
export sales will in turn support U.S. jobs and increase American competiveness
in a vital industry.”
Launched in March 2009 and based in Milpitas, Calif., GLOBALFOUNDRIES is the
second largest dedicated semiconductor foundry in the world. Its global
footprint is supported by major facilities for research, development, and design
enablement. GLOBALFOUNDRIES is owned by the Advanced Technology Investment
Company.
Applied Materials Inc., one of the exporters involved in the transaction, is a
global leader in providing innovative equipment to enable the manufacture of
advanced semiconductors. Headquartered in Santa Clara, Calif., Applied Materials
has more than 7,000 employees in the U.S., located primarily at corporate,
manufacturing, and research-and-development facilities in California,
Massachusetts, Montana and Texas.
“The ability of our customer GLOBALFOUNDRIES to access this financing benefits
Applied Materials’ manufacturing and R&D in the United States, as well as
our supply chain, at a time of tremendous global competition for high-tech
jobs,” said Mike Splinter, Chairman and CEO of Applied Materials, Inc.
Atradius of the Netherlands is also lending to GLOBALFOUNDRIES as part of an
export-credit-agency facility totaling $1.5 billion.
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