(Yicai Global) Oct. 25 -- GlobalFoundries, the world's third-largest chipmaker, is not looking to sell its upcoming factory in China's Chengdu ahead of a plan to get listed in 2022 or so, said an executive who refuted a media report of a buyout.

GlobalFoundries is introducing more partners for the project in southwestern China to produce mainstream and new technologies, Tim Breen, executive vice president of the California-headquartered firm, told Yicai Global. 

Israel's Tower Semiconductor will purchase the plant, Chinese chip news outlet Ijiwei.Com reported last month. 

Last year, GlobalFoundries suspended the first phase of the construction project even though the plant was supposed to be ready by the end of 2018. In the first half of this year, the firm sold some of its factories in Singapore and New York to follow its new Chief Executive Thomas Caulfield's orders to optimize assets.

GlobalFoundries has been struggling to make a profit since its former parent Advanced Micro Devices spun if off in 2009 and proceeded by selling a controlling stake to Abu Dhabi's sovereign wealth fund Mubadala Investment.

Strong fundamentals would be key ahead of an initial public offering. GlobalFoundries has not started a listing process yet as the firm will focus on making its business more successful before that, Breen said. Last month, Caulfield revealed that the firm is planning to raise funds via an IPO.

In 2017, GlobalFoundries and Chengdu's local government launched the joint-venture project with the total investment exceeding USD10 billion, and an anticipated annual output of 1 million wafers.

Editor: Dou Shicong, Emmi Laine