TowerJazz to Maintain its TPSCo Majority Ownership, Control and Manufacturing Activity
December 02 2019 - 3:00AM
NEWS ANNOUNCEMENT
FOR IMMEDIATE
RELEASE
MIGDAL HAEMEK, Israel, and UOZU
CITY, Japan, December 02, 2019
– TowerJazz, the global specialty foundry leader,
clarifies following recent press releases in connection with the
sale of Panasonic semiconductor business to Nuvoton that it will
not sell its TPSCo shares and will maintain its 51% ownership and
Board control in TPSCo.
Pursuant to its long-term strategy and growth
plans, TowerJazz will continue its operations and manufacturing
activity at TPSCoJapanese manufacturing facilities, in accordance
with the recently extended contract with PSCS, and do not plan any
changes to its foundry services and therefore no impact on the
business relationship with its foundry customers.
About TowerJazz
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE:
TSEM) and its subsidiaries operate collectively under the brand
name TowerJazz, the global specialty foundry leader. TowerJazz
manufactures next-generation integrated circuits (ICs) in growing
markets such as consumer, industrial, automotive, medical and
aerospace and defense. TowerJazz’s advanced technology is comprised
of a broad range of customizable process platforms such as: SiGe,
BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated
power management (BCD and 700V), and MEMS. TowerJazz also provides
world-class design enablement for a quick and accurate design cycle
as well as Transfer Optimization and development Process Services
(TOPS) to IDMs and fabless companies that need to expand capacity.
To provide multi-fab sourcing and extended capacity for its
customers, TowerJazz operates two manufacturing facilities in
Israel (150mm and 200mm), two in the U.S. (200mm) and three
facilities in Japan (two 200mm and one 300mm). For more
information, please visit www.towerjazz.com.
Safe Harbor Regarding Forward-Looking
StatementsThis press release includes forward-looking
statements, which are subject to risks and uncertainties. Actual
results may vary from those projected or implied by such
forward-looking statements. A complete discussion of risks and
uncertainties that may affect the accuracy of forward-looking
statements included in this press release or which may otherwise
affect TowerJazz’s business is included under the heading "Risk
Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and
6-K, as were filed with the Securities and Exchange Commission (the
“SEC”) and the Israel Securities Authority and Jazz’s most recent
filings on Forms 10-K and 10-Q, as were filed with the SEC,
respectively. Tower and Jazz do not intend to update, and expressly
disclaim any obligation to update, the information contained in
this release.
###
TowerJazz Investor Relations
Contact: Noit Levi | +972-4-604-7066
| noit.levi@towerjazz.com
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