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© dana rothstein dreamstime.com Electronics Production | September 11, 2015

TowerJazz receives $30 million in advance payment

TowerJazz has signed a definitive agreement with one of its customers to receive USD 30 million advance payment which would be used for capacity expansion in its worldwide fabs.
Russell Ellwanger, TowerJazz CEO, stated, "We are seeing through customers' forecasts, purchase orders, and our sales and marketing channels a very high demand, exceeding our current manufacturing capabilities, primarily in our analog 0.18um technology processes. Hence, we are implementing a four-pronged, proactive strategy as follows: (i) we are rapidly cross qualifying our Israeli, US and Japanese fabs for manufacture of products and technology platforms originating in our US and Israeli fabs, (ii) we are investing in capacity to enable quick ramp up of more products, (iii) we are continuously exploring M&A opportunities and (iv) we are engaging in customer funded programs for customers who need capacity reservation and/or new capabilities and capacity. This signed definitive agreement is an example of the latter. We continue to execute on all fronts in parallel.”

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