GlobalFoundries Inc. plans to build two new chip factories with the Japanese government's support of up to $21 billion as part of the agreement, which also includes the US holding 4% of the company's shares. GlobalFoundries will operate the plant on a plot in upstate New York, which is jointly owned by the US and Japan, under an agreement announced Wednesday. The factory will be funded by Japan's promised investment of 550 billion US dollars in the US. GlobalFoundries shares rose 6.6% during New York trading. By the close of trading on Tuesday, the stock had a cumulative increase of 34% this year.

GlobalFoundries Inc. plans to build two new chip factories with the Japanese government's support of up to $21 billion as part of the agreement, which also includes the US holding 4% of the company's shares. GlobalFoundries will operate the plant on a plot in upstate New York, which is jointly owned by the US and Japan, under an agreement announced Wednesday. The factory will be funded by Japan's promised investment of 550 billion US dollars in the US. GlobalFoundries shares rose 6.6% during New York trading. By the close of trading on Tuesday, the stock had a cumulative increase of 34% this year.