I think the only way Samsung would buy is in bankruptcy. If they purchased Malta out of bankruptcy they purchase the assets on their terms, free of any debts, contracts and former employees. No former IBM people, no potential pension liabilities (not sure if GF even has any from IBM), no contracts, no messy layoffs of legacy workers, no NYS inserting itself into the deal to ensure no layoffs. They can buy the fab as a clean slate.
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I am stuck at GF until I finish up my degree, or GF closes, whichever comes first. I am only going into my second year of accounting at a local community college, and I have learned enough to know their EBITDA accounting is whipped cream on a cow pie. The 10 celebration was the biggest sham though. Tom's task is to find a buyer, any way that has to happen. If it doesn't, who knows how the fried Oreo will crumble. 10 was community deception at its finest.
I didn't participate in "10", such a sham. Funny seeing all the lemmings with their 10 year t-shirts that big brother told them to wear and getting their cute little pictures while all the company sees them as is a CO$T.
I have yet another "all hands" meeting with yet another new goomba boss. What is that, 4, in the last month? I am guessing the theme will be CUTTING CO$T$.
More NCGs......Less Senior Engineers.....More NCGs.......
How much did that “10” in the parking lot of FAB 8 cost? I kept thinking of all my former colleagues who built this company who were laid off, moved or forced to retire because they were “mature”. Every day we trade a bit more of our collective soul and for what? Deceiving the community and Chamber of Commerce to make GF appear viable?
Big announcement is CTO position eliminated and replaced with a committee structure and SLT trip to theme park in Singapore
What I got from the meeting was "We'll be firing more of the highly paid competent people and replacing them with cheap NCGs". Management will all stay in place though, for when the pivot pays off. Winning strategy there. Anyone who thinks this place is doing well is delusional.
I haven't checked the board in a few days. This is to the person asking "Where's the big annoucnement?" regarding the town hall mtg on Tuesday. Well, if you were listening, all the seeds were planted (even more "transparent" than the 7nm shutdown last year). He talked about McKinsey still around helping with "aligning" the business, he flat out said "organizational change" announcements would be going out in a week or two and Tom Cruise and Paul Bunyan BOTH emphasized that the main thing we were missing on for the year was CO$TS-CO$TS-CO$TS. I have been in this industry long enough to know what that toxic combination leads to. From my perspective, Simon was spot on.
You might want to look up "segue" too. "Segway" - I am actually laughing out loud at your stupidity. Thanks for that!
Go check the meaning of the word ‘dubious’
So you admit GF is profitable now. Then talk about some picnic and a tee shirt. Nice segway to nonsense.
Most of the guys who are here still work there, unlike you, BigPivot. Still unemployed, and spreading untruths, I see. Here's what's really happening at GF - it's still a revolving door, it's dubious that it's "profitable", Mubudala wants it gone from their portfolio but no one wants it, I got a really cheap T-shirt for the 10-year celebration, along with a junk food picnic. All this, and I have my doubts that we'll see it through to year 11 at this place. Enjoy your cake.
Well the big announcent might be that we are rolling in FAT STACK$ since the pivot. We have a big bonus coming at the end of the year since we are way ahead our top line goals. Sorry to break it to the guys who lost their job and troll around the internet for bad news to make themselves feel better.
so whats the big annoucment .. hahahaha
Hearing though the backchannels that TC is going to make some big announcement tomorrow. Just about 1 year anniversary from the 7nm jettison, seems there is some expectation of refining or realigning the "pivot".
Maybe he should just stop the pretense and get the other semi companies to PAY GFU since most of the NCGs and low experience people are taking the work there just to get the experience to move on to Samsung, Intel, AMAT, Micron, etc.
Since ON didn't want us, I suspected TowerJazz would be our only potential buyer. But, there's the power issue to deal with. Green Mtn is expensive, and we are probably the biggest energy hog in VT. Rates jumped with the nuclear plant closed, and there's no relief in sight. I don't even know if TowerJazz would want this place. Samsung seems a definite no, in my opinion.
guys what are you talking about? the fabs are not for sale because GF is turning a big profit now. if they were really for sale the would have sold already being as profitable and differentiated as they are now. the fools at samsung wish they could buy us now that they see the error of their 7nm ways. oh how the tables have turned
Actually it would make the most sense for Samsung to buy the Malta fab over Fab9. Fab9 carries the "trusted foundry" badge and any sale would be complicated with US govt scrutiny. It makes more sense for TowerJazz to take Fab9 since RF is in their wheelhouse and they are already a trusted foundry. Apparently, On (who is also trusted) did not want Fab9. As for Fab8, Samsung is wanting to grow their foundry business 2-3x in the next 10 years. Fab8 already run a Samsung "like" process and they can probably pick it up for 30-40 cents on the dollar or even less. Also, the site is already approved for building another large fab. If Sammy wants to play big league ball with TSMC and grow quickly looking outside the very land and resource limited South Korea would probably be a good idea.
Why would Samsung want us? We're expensive and old. The buildings have a maintenance backlog because neither IBM, and especially not GloFo, wanted to put any money into non-fab work. We're always fighting with Green Mtn over electric cost. I thought that VT Yankee's closure was going to be the end of Burlington. We're mostly old workers who make more money too. I think it will be retirement time if Samsung does buy us. I cannot see them keeping us old guys around. The guy who said Samsung won't buy Malta is right, but if they wouldn't want Malta, why would they want Burlington? It makes no sense.
I heard fab9 as well, but how would that be advantageous to Samsung?
I heard it is Fab9 in Ess-x that Samsung wants to buy.
Samsung is not going to buy and operate the Malta plant. I doubt Samsung wants anything from Global. If Samsung wants to increase their footprint in the US, they will build or expand their own plants.
Hey TC, it's great you are getting some stock options out of the deal. But what about all the employees who put in all the long hours? I left less than a year ago and already have more stock in my company than I ever got at GF in 5+ years at the Superfund site. Looking at that old launch tower was pretty cool for about 2 weeks though.
No reason to get excited. I never worked for the company, only for various vendors. I'm just concerned about what changes will take place if it is sold.
If you think the rumor is hogwash then that's good news. I just keep hearing in recent weeks (from employees) that Samsung is trying to buy the company.
wow you guys are still angry. this rumor has been debunked over and over again just like all the layoff rumors that surface every month for the past year. GF is now turning a sweet profit since the pivot and mubadula considers it their cash cow, they fully intend to recoup their investment and then some, ipo is definitely here, its happening. the big plan never changed, only the details of how we get there did aka the big pivot toward prosperity and stock options for me and all those who put in the long hours. get over it and move on. youre just jealous you were laid off the year before the big bonus will be handed out.
I heard something similar a few weeks ago. I guess this rumor just won't go away.
Anyone care to wager on when an announcement will be made?