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TowerJazz to gain US$130 million from manufacturing know-how
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An as yet unidentified company based in Asia is to gain semiconductor
manufacturing knowledge as well as arrangement of some equipment
purchases from TowerJazz, generating US$130 million in revenue that
will be realised in 2010. The struggling foundry expects its
Asian-based custom will grow as a result of the deal and cited recent
success with customers such as GrandTek, C&S Technology, TAEJIN
Technology, Dongwoon Anatech, Cesign, SWID and 3PEAKIC Microelectronics
for the new deal on its manufacturing know-how.
"It is a notable achievement and acknowledgement of our capabilities that TowerJazz was chosen to provide the know-how, training, and turnkey manufacturing solutions to a project of this scope and significance," said Russell Ellwanger, Chief Executive Officer of TowerJazz. "This project is accretive to our strategy to grow market share within Asia, as evidenced by the opening of a sales and technical support office in Korea this year with multiple design wins and customer announcements in that region, particularly within Power Management. Additionally, our ownership percentage, Board representation and manufacturing agreement with HHNEC in Shanghai, China is further affirmation of our commitment to growth in Asia. We expect that this project will strengthen our traction in this geographic area and trust that our Asian customer base will multiply as a result."
The significant revenue boost could push the specialist foundry closer to profitability, something not seen in over 10 years.