Actionable news
0
All posts from Actionable news
Actionable news in TSEM: Tower Semiconductor Ltd.,

Report of foreign issuer [Rules 13a-16 and 15d-16]

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

W ashington, D.C. 20549

(Translation of registrant's name into English)

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

On November 18, 2015 the registrant Announce it Expand its Worldwide

Manufacturing Capabilities with Proposed Acquisition of Maxim Integrated’s

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TowerJazz to Expand its Worldwide Manufacturing Capabilities with Proposed Acquisition of Maxim

San Antonio Analog Fab to Support TowerJazz’s Strong Customer Demand and Enable Additional Manufacturing Flexibility

MIGDAL HAEMEK, Israel and San Jose, CA , November 18, 2015 – TowerJazz, (NASDAQ/TASE:TSEM) the global specialty foundry leader, announced today it has signed an agreement with Maxim Integrated Products, Inc. (NASDAQ:MXIM) to purchase Maxim’s 8-inch fabrication facility in San Antonio, Texas, United States.

The proposed purchase will expand TowerJazz’s current worldwide manufacturing capacity, cost-effectively increasing production by approximately 28,000 wafers per month. The availability of additional capacity is expected to be needed to serve TowerJazz’s current and forecasted robust customer demand. TowerJazz and Maxim expect to close the transaction in January 2016, subject to customary closing conditions.

As part of the transaction, the companies have also signed a long-term supply agreement for TowerJazz to manufacture products for Maxim in the San Antonio facility. The transaction is to be paid with TSEM ordinary shares with a total value of approximately 40 million US dollars.

All of the site’s nearly 500 employees will be retained. The headcount consists of production operators, highly experienced...


More