Israeli based global specialty foundry leader Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) has signed a definitive agreement with Semiconductor Laboratory, an Asian government agency. Under the agreement, Tower (which markets as TowerJazz) will leverage its manufacturing expertise and assets while providing during the coming three years the required process engineering and equipment maintenance support for successful operation of the facility. Tower will also provide support to help establish wafer reclaim capabilities and will provide training and procedures on the establishment of chemical lab capabilities. RELATED ARTICLES Tower Semiconductor buys Texas foundry for $40m Tower Semiconductor teams with Japan's Great Wall TowerJazz can improve smartphone battery life The deal will generate revenue of roughly $35 million, incremental to Tower's revenue from its existing manufacturing facilities. This agreement allows Tower to realize profits and cash generation from its valuable manufacturing expertise and its skilled engineering manpower. Tower CEO Russell Ellwanger said, "This project represents another notable acknowledgement of our worldwide manufacturing expertise and capabilities. It is a special business model providing revenue and profit upside incremental to our base financial model." Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2015 © Copyright of Globes Publisher Itonut (1983) Ltd. 2015
