A new agreement between GlobalFoundries and manufacturer ON Semiconductor will help save jobs and create new ones in Dutchess County.

Gov. Andrew Cuomo’s office announced Monday that ON Semiconductor will acquire GlobalFoundries’ computer chip plant in East Fishkill. As part of the agreement, ON Semiconductor will invest more than $720 million in the facility over the next 10 years.

Company officials also said they will retain at least 950 jobs and add another 150 new ones.

Empire State Development is providing up to $17.5 million in grants toward the purchase of the property, facilities, and equipment, along with $22.5 million in Excelsior Jobs program tax credits. Those incentives are contingent upon the company meeting its job and investment commitments.

"This is an exciting announcement for Dutchess County, and we are grateful to Empire State Development for brokering the expansion of ON Semiconductor, U.S.-based, public traded Fortune 500 company, in New York State and Dutchess County," said Dutchess County Executive Marc Molinaro. "Dutchess County continues to be where innovation happens, and we are excited to welcome ON Semiconductor into our community and shepherd in the latest technological innovations for automotive electrification, 5G mobile networks, alternative energy and more.”

There will be a transition period lasting more than 3 years as the facility changes hands.