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Tower Semiconductor Cuts $300 Million Deal with Intel

The deal comes after Intel scarped its $5.4 billion takeover of Tower.

Tower Semiconductor

Tower Semiconductor headquarters (Wikipedia)

Israel’s Tower Semiconductor, a leading foundry for analog semiconductor solutions, has entered into a deal with Intel to cooperate on chip production in New Mexico. The deal comes after Intel scrapped plans to acquire Tower.

Intel Foundry Services300mm manufacturing capacity to Tower. Tower Semiconductor will invest up to $300 million to acquire and own equipment and other fixed assets at Intel’s New Mexico facility and will produce chips there. The companies said this will provide a new capacity corridor of over 600,000 photo layers per month for Tower’s future growth.

Intel SVP and general manager of Intel Foundry Services Stuart Pann said, “We launched Intel Foundry Services with a long-term view of delivering the world’s first open system foundry that brings together a secure, sustainable, and resilient supply chain with the best of Intel and our ecosystem. We’re thrilled that Tower sees the unique value we provide and chose us to open their 300mm U.S. capacity corridor.”

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“We see this as a first step towards multiple unique synergistic solutions with Intel,” Tower Semiconductor CEO Russell Ellwanger said. “This collaboration with Intel allows us to fulfill our customers’ demand roadmaps, with a particular focus on advanced power management and radio frequency silicon on insulator (RF SOI) solutions, with full process flow qualification planned in 2024.”

In August Intel was forced to give up on its planned $5.4 billion acquisition of Tower Semiconductor giving as the reason its failure to receive the approval of Chinese regulators for the acquisition. The deal was for $53 per Tower share in cash.

Founded in 1993, Tower Semiconductor manufactures analog integrated circuits for more than 300 customers worldwide in growing markets such as consumer, automotive, medical, industrial, and aerospace & defense, among others. The company provides advanced specialty technologies including Radio Frequency (RF), High Performance Analog (HPA), integrated Power Management, CMOS Image Sensors, and Mixed-Signal/CMOS as well as Micro-Electro-Mechanical Systems (MEMS) capabilities.



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