Abu Dhabi gets full ownership of chip manufacturer

(AP) -- A microchip manufacturer controlled by the Abu Dhabi government says it has reached an agreement to acquire a minority stake held by former owner Advanced Micro Devices.

The chip company, Milpitas, Calif.-based GlobalFoundries, said Monday that it would acquire AMD's share but retain the producer as a key customer.

GlobalFoundries said that the deal fulfills its ambition of becoming an independent foundry. A foundry typically manufacturers chips made to order for microchip producers such as AMD.

Financial details weren't immediately available.

GlobalFoundries was founded as a spin-off of AMD in 2009. Abu Dhabi's government-owned Advanced Technology Investment Company took a majority stake following the separation.

©2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.