TEXT-Tower Semi to co-develop products with ON Semi

Tag : semi products

(The following was issued by Israel's Tower Semiconductor Ltd.(TSEM.O: Quote , Profile , Research , Stock Buzz ) (TSEM.TA: Quote , Profile , Research , Stock Buzz )):
June 23 -- Tower Semiconductor, Ltd. (Nasdaq: TSEM, TASE: TSEM), anindependent specialty foundry, today announced that ONSemiconductor (Nasdaq: ONNN), a leading supplier of highperformance energy efficient silicon solutions, has selected TowerSemiconductor as strategic supplier to co-develop and manufacturemultiple lines of products and technologies.
This decision further demonstrates the tight and long-term workingrelationships between the two companies.
The multi-year, and potentially multi-million dollar collaborationproject is aimed at a variety of Automotive, Computing, Consumerand Communications end markets.
Tower and ON Semiconductor are to jointly develop new, best inclass, manufacturing technology platforms, leveraging eachcompany's core expertise to achieve a highly competitive,cost-effective product offering. These products are to bemanufactured in Tower's Fab1 facility.
"With its high-quality engineering support and manufacturingcapabilities, Tower is an ideal supplier for ON Semiconductor topartner with, and we view this partnership as a natural extensionof our manufacturing capabilities," said John Nelson, ONSemiconductor's Chief Operating Officer. "We are committed toexpanding our collaboration, while improving our position in themarket place, through Tower's manufacturing capacity and innovativedevelopments aimed at giving us a competitive edge."
"We are pleased to be recognized by ON Semiconductor for ourexcellent engineering services and expanded manufacturing capacityprovided to its most valued business units," said Dr. Itzhak Edrei,Executive senior vice president for worldwide product lines andsales at Tower Semiconductor, Ltd.
"This added layer of collaboration between both companies shouldsignificantly increase our manufacturing volume of ON Semiconductorproducts."