AMD's chipmaking arm spin-off has been officially launched, and it's no longer called The Foundry Co., but rather Globalfoundries.

The spin-off will be headed by Doug Grose, former senior VP of manufacturing operations at AMD, and Hector Ruiz, ex-AMD CEO, will chair the board. AMD will own 34.2 percent of the new company, while the rest is owned by ATIC, or the government of Abu Dhabi.

Initially, Globalfoundries' manufacturing operations will be centered in Dresden, but later this year the company is expected to start construction of a $4.2 billion production facility in New York. The new plant is scheduled to start churning out chips in 2012, and it will focus on 32nm and 28nm products.

In a recent interview AMD CEO Dirk Meyer said the company plans to start producing 32nm chips in mid 2010.