Saratoga County

Vote to set up new AMD corporation delayed

The shareholder vote on Advanced Micro Devices' plan to set up a new corporation for construction of

Categories: Business

The shareholder vote on Advanced Micro Devices’ plan to set up a new corporation for construction of a $4.6 billion computer chip factory here has been delayed for a week.

The shareholder meeting today in Austin, Texas, was adjourned without a vote because a quorum of AMD shareholders was not represented.

The meeting was adjourned until 10 a.m. local time (11 a.m. Eastern) on Wednesday, Feb. 18, also in Austin.

The shareholder vote was to be nearly the final step toward a plan that includes forming a new partnership with Advanced Technology Investment Co. of Abu Dhabi, which will take over AMD’s manufacturing assets. The deal was announced last October, pending regulatory and shareholder approvals.

The shareholder vote is necessary before the new company, being temporarily called The Foundry Co., can be formed and start work on the Malta plant.

The plant, plans for which were announced in 2006, is expected to employ 1,465 people starting in about 2012, and spur a great deal of other high-tech economic activity.

Land-clearing at a 222-acre site on the Malta-Stillwater town line could start in March. The Malta Planning Board is due to have its first detailed look at the construction plans at 6:30 tonight at town hall.

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