Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) unit Jazz Semiconductor has received a quality standard certification that can increase its automotive industry presence.
Jazz announced its ISO/TS 16949 certification, the highest international quality standard for the automotive industry. The company called the certification a critical milestone in the company’s strategic roadmap, and said it paved the way for increased presence in the automotive market.
Tower shares rose over 6% on the TASE by late morning. Its shares are up around 144% in 2009.
Tower VP worldwide quality and reliability Don Cerney said that Tower also has the Quality Automotive certification, and now all of Tower and Jazz facilities are now working under the same standards of qualification.
The ISO/TS 16949 Certification is part of the quality-system and global-registration requirements for the international automotive supply chain. The certification eliminates the need for multiple automotive-supplier quality certifications in the US and Europe.
The ISO/TS 16949 standard is a technical specification defining quality system requirements for the design and development, production, installation and servicing of automotive-related products. It was jointly developed by the International Automotive Task Force (IATF) members and approved by the International Organization for Standardization (ISO).
Shares in Tower closed at $0.293 yesterday, giving it a market cap of $46.89 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2009
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