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Armonk-Based IBM Seals $1.5B Chip Deal

Armonk's IBM is reportedly going to pay Global Foundries $1.5 billion to take over chip manufacturing operations.
Armonk's IBM is reportedly going to pay Global Foundries $1.5 billion to take over chip manufacturing operations. Photo Credit: Wikimedia Commons

ARMONK, N.Y. -- Armonk-based IBM is expected to announce it will pay GlobalFoundries $1.5 billion to take over chip manufacturing operations on Monday, according to Computer World.

IBM executives are under pressure to increase profit margins and shedding less profitable arms of the business, like the East Fishkill chip manufacturing plant would help them meet those goals, Computer World said.

The techology giant's second quarter revenue was down 2 percent, or nearly half a billion dollars, versus 2013, Computer World reported.

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