MONTPELIER, Vt. (AP) - The state of Vermont is going to spend $1 million to support the continued growth of GlobalFoundries - the computer chip manufacturer that last year bought the Essex Junction operation once run by IBM.
The money from the Vermont Enterprise Fund was approved Friday by the Emergency Board, the body that can approve financial transactions between legislative sessions.
The office of Gov. Peter Shumlin says GlobalFoundries will be investing $72 million in capital expenditures as well as converting 100 temporary jobs to full-time, permanent jobs.
The Enterprise Fund allows the state to act quickly to attract or retain jobs.
Also Friday, the board approved a $200,000 investment to help Quebec-based Composites BHS open a facility in St. Johnsbury to produce products for the aerospace and transportation sectors.
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