According to Reuters, GlobalFoundries CEO Tom Caulfield said recently that the company will invest US$1.4 billion this year to increase the production capacity of three chip factories located in the United States, Singapore and Germany.

The US$1.4 billion investment will be divided equally among the fabs located in Dresden, Germany, Malta, New York, and Singapore. These fabs will start to increase production by 2022 and produce 12 to 90 nanometer chips.

Caulfield said it expects to expand production by 13% in 2021, while production in 2022 will increase by 20%. Caulfield added that if demand for chips continues to grow, the company may build a new plant near its Malta Island plant in New York.