Oct 7, 2008 11:32 am US/Eastern
Gov. Paterson: NY Can Afford AMD High-Tech Plant
ALBANY (CBS/AP) ―
Gov. David Paterson says that despite New York's growing deficits, the state will meet its commitment of $1.2 billion to help an Advanced Micro Devices Inc. spin-off build an upstate computer chip factory.
Paterson calls it a sound investment in a project that will employ 1,500 people and generate another 600 construction jobs. He also says it's part of a future with New York depending less on volatile revenue from Wall Street, which has dropped sharply this year and is a major reason for the state's current deficits.
AMD officials say Tuesday the financially troubled company will go ahead with plans for a Saratoga County plant by spinning off its factories into a new joint venture with investors in the Persian Gulf state of Abu Dhabi.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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