ALBANY, NY – IBM Corp. will invest $1.5 billion in Albany and will build a semiconductor plant somewhere in upstate New York.

The investment is expected to increase research jobs to 325 at the University at Albany's College of Nanoscale Science and Engineering. The state government is providing $25 million for new semiconductor equipment at that site.

In addition, the company will construct a 120,000 sq. ft. semiconductor packaging center at a location to be determined. Albany NanoTech will own and manage the facility, which reportedly will create more than 675 jobs.

In total, the state will spend $140 million, with IBM investing more than $10 for every $1 that New York spends, say published reports.