TowerJazz to form chip-manufacturing JV with Panasonic

TowerJazz Semiconductor (TSEM) has agreed to create a joint venture with Panasonic to produce chips in a deal that will provide the Israeli company with "$400M of annual profitable revenue."

TowerJazz will own 51% of the JV and will issue Panasonic (PCRFF) with $8m worth of shares. The Japanese conglomerate will transfer three Japanese factories to the JV as part of a wider restructuring and will buy chips from the new entity for five years.

TowerJazz aims to now earn Q2 2014 revenue of $225M vs $133M a year earlier, become profitable by Q4 2014, and generate $1B of sales in 2015. (PR)

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Comments (1)
  • EVfan12
    , contributor
    Comments (634) | Send Message
    Any updates on this joint venture and current revenues?
    14 Apr 2015, 04:37 PM Reply Like
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