Israel's TowerJazz to maintain 51% stake in Panasonic chip JV

Nuvoton Technology

02/12/2019 08:36

TEL AVIV, Dec 2 (Reuters) - Israeli chip manufacturer
TowerJazz  TSEM.TA  said on Monday it will not sell its 51%
stake and board control in its joint venture (JV) with Panasonic
Corp  6752.T  in Japan.
    This follows an announcement last week that Panasonic will
sell its semiconductor business to Taiwan's Nuvoton Technology
Corp  4919.TW  for $250 million.  urn:newsml:reuters.com:*:nL4N288051
    News reports had said that sale would include the entire JV
with TowerJazz, which operates three Japanese chipmaking
facilities. 
    "Pursuant to its long-term strategy and growth plans,
TowerJazz will continue its operations and manufacturing
activity at TPSCo Japanese manufacturing facilities," TowerJazz
said in a statement.
    The company does not plan any changes to its manufacturing
services and therefore there will be no impact on its business
relationship with customers, it said.

 (Reporting by Tova Cohen
Editing by Steven Scheer)
 ((tova.cohen@thomsonreuters.com; +972-9-899-0222; Reuters
Messaging: tova.cohen.thomsonreuters.com@reuters.net))