Seeking Alpha

TowerJazz CEO does not confirm deal to buy Panasonic plants

  • TowerJazz's (TSEM) CEO Russell Ellwanger said of media reports claiming the company would buy 3 chip plants from Panasonic (PCRFY) for ~$100M, "I am not confirming about Panasonic but Panasonic is a very, very good semiconductor company with good technologies."
  • Ellwanger noted that TowerJazz is keen to find acquisitions that increase capacity through well-run factories, but that "Any type of acquisition we look at would be a few million dollars of cash or equity but nothing more than that."
  • The remarks may simply be the drawing of a line in the sand as TowerJazz negotiates with Panasonic, which has long made its intention to divest large parts of its semi operations clear.
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