Online information source for semiconductor professionals

Tower Semiconductor to cut costs ‚?? and jobs

Popular articles

New Product: Applied Materials new EUV reticle etch system provides nanometer-level accuracy - 19 September 2011

Oberai discusses Magma’s move into solar PV yield management space - 29 August 2008

‚??Velocity‚?? the new buzzword in Intel‚??s PQS annual awards - 12 April 2012

Applied Materials adds Jim Rogers to Board of Directors - 29 April 2008

New Product: ASML Brion‚??s Tachyon MB-SRAF enables OPC-like compute times - 19 September 2011

Just over a week after Tower Semiconductor’s acquisition of Jazz Semiconductor, Tower has announced that it is implementing cost-cutting measures. While the company claims that it has yet to receive approximately $40 million in overdue grants from the Israeli government, the money-saving steps being taken by the company include the cutting of around 170 employees’ jobs. 

The job cuts will bring an expected reduction in spending of approximately $14 million per annum. Employees in managerial and support-related functions will be targeted in the job cuts.

The measures are required due to a combination of factors, according to the company. The weakening dollar, pressures from foundry wafer pricings, the overdue grants and the recent takeover of Jazz have all contributed to a need on the part of the company to cut costs.

Additional measures being put in place include a planned organizational reshuffle and sourcing of low-cost materials and spare parts for its manufacturing operations.

By Síle Mc Mahon

Related articles

Tower signs MOU for debt restructuring as Jazz Technologies takeover looms - 22 August 2008

Tower Semiconductor to fab 3D image sensors for Canesta - 15 April 2008

Tower announces more work force reductions in conjunction with Jazz merger - 02 December 2008

Micronas losses force major restructuring - 07 October 2007

Jazz plays last tune as Tower takes over - 20 May 2008

Reader comments

No comments yet!

Post your comment

Please enter the word you see in the image below: