Advanced Micro Devices' former manufacturing arm was renamed GlobalFoundries today as the newly created company began operating independently, reported PC World. Formerly called The Foundry Co., GlobalFoundries was spun off from AMD as a joint venture with Advanced Technology Investment Co (ATIC), an investment fund controlled by the Abu Dhabi government. AMD closed the spin-off deal with ATIC on Tuesday, clearing the way for GlobalFoundries to begin operating on its own.