State officials say the seven-year agreement calls for International Sematech to locate its headquarters in Albany, increase its work force by 450 jobs over three years, and provide $25 million to fund research at colleges and universities at five centers around the state.

Sptizer, Silver and Bruno report that they will push for the passage of a soon-to-be introduced bill that would provide $300 million in state funding to Sematech to facilitate the expansion. The funding will be made available over five years to help the firm purchase advanced semiconductor process equipment. In turn, Sematech has made a financial commitment of $300 million in cash and in-kind contributions in connection with the expansion effort. The project will support new research at the Nanotech Center in Albany and serve as an additional resource supporting existing operations of Sematech members in the Hudson Valley and the Capital Region, state officials say.

To allay any confusion regarding its operations in Austin, Sematech later issued a statement that while it is significantly expanding its presence in New York, the company's corporate offices and operations in Texas, including its advanced materials programs and some subsidiaries, will remain in Austin.