AMD announced early Monday that it is divesting of its remaining stake in GlobalFoundries, the chip manufacturing partner that it had originally spun off in 2009.

After AMD’s divests of its remaining stake of the company, 9%, GlobalFoundries will be wholly owned by Abu Dhabi’s Advanced Technology Investment Company. AMD will be free to pursue contracts with other chip manufacturers.

However, in an e-mail to IDG news service AMD spokesperson Drew Prairie said that AMD still plans to use GlobalFoundries 28nm process to manufacture some of their chips.

AMD’s relationship with GlobalFoundries has been rather turbulent in 2011. AMD was forced to lower their revenue projections in the third-quarter of 2011 because of manufacturing yield problems at GlobalFoundries Dresden based fabrication facility. The result of this was AMD’s Opteron based “Interlagos” chip shipping later than expected.

While AMD’s shares were down during Monday morning trading, many Wall Street analysts reacted favorably to the news.

Oppenheimer & Co.’s Rick Schafer, told Barron’s that the deal is “a net-positive as the move to a take-or-pay wafer agreement, from good die pricing, positions AMD to better capitalize upon yield improvements throughout the year.”