In a move to keep up with rivals, Globalfoundries pledges $3 billion to boost capacity in its global facilities.

Globalfoundries announced it will spend an additional $3 billion to boost production at its factories in New York and Germany. The investment is in addition to $6 billion already pledged by the company to challenge rival global chip vendors, BusinessWeek reports.

In an interview, chief executive Doug Grose expressed:

We are here, we are serious and we are a player. This foundry segment only has a couple of players who are serious and we are one of them.

Globalfoundries has set its sights on capturing 30 percent of the chip-contracting market. The is also targeting capital spending of $2.7 billion to $2.8 billion this year, nearly four times what it spent last year, according to The Wall Street Journal.