The contract will reportedly generate tens of millions of dollars a year in revenue for Tower.
Sources inform ''Globes'' that executives of specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) are currently abroad to negotiate a large contract with a foreign customer. The contract will reportedly generate tens of millions of dollars a year in revenue for Tower, which markets as TowerJazz. Tower will reportedly spread production of the order among its various fabs.
Tower said in response, "The company does not respond to rumors. If and when it has something to report, it will report it as required by law."
Tower posted a non-GAAP net profit $45 million on $168.6 million revenue for the second quarter.
Tower's share price rose 7.1% by midday today on the TASE to NIS 31.70, despite falling 6.6% on Nasdaq yesterday to $7.33, giving a market cap of $157 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2012
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