Advanced Micro Devices' former manufacturing arm was renamed GlobalFoundries on Wednesday as the newly created company began operating independently.
Formerly called The Foundry Co., GlobalFoundries was spun off from AMD as a joint venture with Advanced Technology Investment Co. (ATIC), an investment fund controlled by the Abu Dhabi government.
The spin off of AMD's former manufacturing operations is part of an ongoing restructuring plan intended to return the struggling chip vendor to profitability. AMD closed the spin-off deal with ATIC on Tuesday, clearing the way for GlobalFoundries to begin operating on its own.
GlobalFoundries, which has chip plants in Dresden, Germany, and plans to build a new plant in New York, will operate as a contract chip maker, with AMD has a principal customer.
The new contract chip maker is led by Chairman Hector Ruiz and CEO Doug Grose.
Jim Doran, former chief operating officer of Spansion, will head Fab 1, GlobalFoundries' main production facility in Dresden, the company said. Prior to joining Spansion when it was spun off from AMD, Doran ran the same manufacturing facility, then called Fab 30 by AMD.