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© vladek dreamstime.com Business | December 03, 2019

TowerJazz to maintain its TPSCo majority ownership

Israeli semiconductor manufacturer, TowerJazz, says that it will not sell its stake and board control in its joint venture with Panasonic Corp in Japan, following the Japanese company's announcement that it is selling its semiconductor business.

Last week Panasonic Corporation said that it would sell its semiconductor business to Taiwanese company, Nuvoton Technology Corp, for USD 250 million. This sale would include Panasonic's part of its joint venture owned together with Tower Semiconductor (TowerJazz) TowerJazz is now, in its own press release, clarifying its own position saying that it will not sell its TPSCo shares and will maintain its 51% ownership and Board control in TPSCo. The Israeli company also says that, in alignment with 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 there will be no impact on the business relationship with its foundry customers.
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December 12 2019 10:59 am V14.8.5-1