Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) executives reiterated the company's $1 billion annual sales target at the Needham Growth Conference in New York yesterday. They said that the target was based on the capacity of the specialty foundry's three fabs in Israel, the US, and Japan, implying that no new capital investment would be needed to achieve the target.
Tower's revenue fell 12% to $154.6 million for the third quarter of 2012, from $176.1 million for the corresponding quarter of 2011.
Tower said that its guidance did not take into account a possible win in the tender to build semiconductor fabs in India. Tower, IBM Corporation (NYSE: IBM), and India's Jaypee Associates (BSE: 532532) is one of the consortia in the tender. A Tower executive said, "We are in a very good position to win the tender."
If the consortium wins the tender, Tower will have a strong source of revenue, both from the Indian fab's operations for its own use and to meet the needs of its customers, especially for 300-millimeter products.
Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2013
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