MARCY, N.Y. — Wolfspeed, Inc. (NYSE: WOLF), which operates a silicon carbide device-manufacturing facility in Marcy, plans to shift its device fabrication to its 200mm Mohawk Valley Fab and close its device fab in Durham, North Carolina where the firm is headquartered. Gregg Lowe, CEO of Wolfspeed, made the announcement as the company released its […]
MARCY, N.Y. — Wolfspeed, Inc. (NYSE: WOLF), which operates a silicon carbide device-manufacturing facility in Marcy, plans to shift its device fabrication to its 200mm Mohawk Valley Fab and close its device fab in Durham, North Carolina where the firm is headquartered. Gregg Lowe, CEO of Wolfspeed, made the announcement as the company released its financial results for the fourth quarter of fiscal 2024 and the full 2024 fiscal year. “We have two priorities we are focused on: optimizing our capital structure for both the near term and long term and driving performance in our state-of-the-art, 200-millimeter fab, and this quarter was a step forward on both of these priorities,” Lowe said in the announcement. “We achieved 20% utilization at Mohawk Valley in June and continued to see strong revenue growth from that fab. Our 200mm device fab is currently producing solid results, which are at significantly lower costs than our Durham 150mm fab. This improved profitability gives us the confidence to accelerate the shift of our device fabrication to Mohawk Valley, while we assess the timing of the closure of our 150mm device fab in Durham.” Wolfspeed will remain based in Durham and maintain a “substantial” employee count at that location, the website of WRAL-TV reported. Marc Barraco, VP of economic development at Mohawk Valley EDGE issued a statement about Wolfspeed’s plans, saying the Wolfspeed $1.2 billion public-private partnership has generated a “great deal of momentum,” noting the semiconductor corridor across the I-90 corridor from Buffalo to Albany. “Companies like Semikron-Danfoss, Indium Corp., and Wolfspeed all provide ample opportunities for partnerships. In addition, the Marcy Nanocenter is located adjacent to the SUNY Polytechnic Institute, showcasing the best opportunities for students seeking good high paying jobs. Wolfspeed has been a solid partner throughout this effort, frequently engaging with EDGE to ensure their operations are moving steadily. Reaching 20% utilization rate at the Mohawk Valley Fab earlier this year, Wolfspeed has stated they are well positioned to continue delivering on their 200mm vertical integration strategy, making the prior investment in our region a positive step towards future growth at the Marcy Nanocenter.” Barraco went on to say, “Mohawk Valley EDGE and the leadership of the Mohawk Valley Region is proud to partner with Wolfspeed and look forward to continuing our progress on this 434-acre greenfield space. We look forward to continuing our discussions in making the Marcy Nanocenter fully utilized to support economic growth here in our region.”