EAST FISHKILL — ON Semiconductor on Monday reached a $430 million agreement to acquire GlobalFoundries’ large East Fishkill semiconductor plant, preserving most of the former IBM plant’s jobs and promising new investment.

Regional economic development officials hailed the deal, pending closure and subject to regulatory approval, for averting the dire result of losing a major factory that employs residents across the mid-Hudson.

ON Semiconductor’s 3 1/2-year phased takeover allows GlobalFoundries to move operations to Malta in Saratoga County. ON Semiconductor has pledged to rehire at least 950 of Global Foundries’ roughly 1,300 employees at the East Fishkill site, known as Fab 10, while adding nearly 150 new jobs.

A GlobalFoundries spokeswoman said employees not hired by ON Semiconductor will be offered positions at GlobalFoundries’ other

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