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Tower Semiconductor Ltd. (TSEM)

- NASDAQ
  • Jun. 20, 2014, 6:57 PM
    • The Nikkei reports Panasonic (PCRFY) plans to sell 60% of a 120K-sq. meter Japanese TV plant to Daiwa House Industry by next spring for ~¥10B ($97M).
    • Panasonic is also thinking of selling the rest of the plant to other buyers. No TVs have been made there in 2012, but the facility is still used for maintenance work (among other things).
    • The struggling electronics OEM has already been busy restructuring. It recently transferred 3 chip manufacturing plants to a 49/51 JV owned in partnership with Israel's TowerJazz (TSEM). Panasonic received 870K TowerJazz shares (current value of $8.2M) in return.
    • The efforts are yielding results: Panasonic expects to end the current fiscal year (ends March '15) with no net debt for the first time in 6 years.
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  • Dec. 4, 2013, 9:35 AM
    • 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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Company Description
Tower Semiconductor Ltd through its subsidiaries, manufactures semiconductor integrated circuits. Its products include digital CMOS, mixed-signal and radio frequency CMOS, CMOS image sensors and power management devices.