12:40 PM EDT, 10/28/2025 (MT Newswires) -- GlobalFoundries ( GFS ) plans to invest 1.1 billion euros ($1.28 billion) to expand chip manufacturing at its facility in Dresden, Germany.

The expansion will boost annual production capacity to more than 1 million semiconductor wafers per year by the end of 2028, the company said Tuesday in a statement.

The project is expected to receive support from the German government and the state of Saxony under the European Chips Act, pending EU approval later this year.

"Recent disruptions in the automotive sector underscore just how vulnerable global chip supply chains truly are," GlobalFoundries ( GFS ) Chief Executive Officer Tim Breen said in the statement. The expansion delivers "on our commitment to support Europe's need for secure supply chains and differentiated technologies," he said.

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