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| Monday, September 25, 2006 |
Tower Semiconductor Ltd. (Nasdaq: TSEM), a pure-play independent specialty foundry, today announced that it has signed a definitive long-term foundry agreement with International Rectifier (IR) (NYSE: IRF) to produce semiconductor wafers for IR at Tower's most advanced facility, Fab2, utilizing IR's proprietary technology.
The agreement is for high-volume wafer manufacturing.
"We chose Tower as a foundry partner following a rigorous evaluation process," said Dr. Alex Lidow, International Rectifier's CEO. "Tower's experience in successful technology transfers, combined with a can-do attitude and great engineering talent, made it the best choice for us. We are confident this foundry partnership will further strengthen our leading position in the market."
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"We are thrilled that IR, the world leader in power management, chose Tower as a foundry partner," said Russell Ellwanger, Tower's CEO. "Such a decision from a premier company in the semiconductor industry validates the capabilities of Tower's engineering and manufacturing teams. We look forward to many years of partnership and mutual success."
TSEM shares were up 8% in trading on the Nasdaq. |
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