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Tower Semiconductor announces sale of Saifun

Posted: 13 Dec 2004 ?? ?Print Version ?Bookmark and Share

Keywords:tower semiconductor? saifun semiconductor? non-volatile memory? mixed-signal? cmos?

Tower Semiconductor Ltd has agreed to sell all of its holdings in Saifun Semiconductor to a U.S. based private equity investor for about $39 million in cash. As agreed, Tower may receive additional payments through August 2005 subject to certain future events.

"This transaction and its timing is an important step in our Fab 2 financing plan and, together with the recently announced cost reduction measures, would enable us to focus on growing our businesses," said Carmel Vernia, chairman and CEO.

Wafer foundry Tower Semiconductor manufactures ICs with geometries ranging from 1.0?m to 0.13?m. The company also offers advanced non-volatile memory solutions, mixed-signal and CMOS image-sensor technologies. Tower Semiconductor maintains two manufacturing facilities: Fab 1 has process technologies from 1.0 ?m to 0.35?m and can produce up to 16,000 150mm wafers per month. Meanwhile, Fab 2 features 0.18 ?m and below process technologies, including foundry-standard technology.

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