Specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), which does business as TowerJazz, has opened an office in Shanghai, and appointed Lei Qin as China Country Manager to increase business presence and activity in the region. TowerJazz serves fabless companies in China providing RF products such as base station, GPS and others.
The company aims to provide increased business and technical support in China to address the growing customer needs in the RF market as well as in power management, CMOS image sensors (CIS), MEMS and other applications. According to the China Semiconductor Industry Association (CSIA), China’s integrated circuit market revenues represent 38% of the $102 billion global integrated circuit industry market.
TowerJazz VP sales Dani Ashkenazi said, “Lei Qin’s extensive industry experience in China will help further our business and relationships in this region, extending our offerings in advanced specialty process technologies to enable customers in China to optimize their product performance and power, and win their markets. In addition, this newly created role evidences the importance of the China market and demonstrates TowerJazz’s commitment to further grow its customer base in China."
Tower's share price fell 1.4% on Nasdaq yesterday to $1.40, giving a market cap of $371 million, and fell 0.9% by midday on the TASE today to NIS 4.80.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2011
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