Before the merger with Jazz Semiconductor, Tower had 1,300 employees.
Independent foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) today fired 200 employees at its Migdal Ha'Emek foundry, barely two months after completing the acquisition of California-based Jazz Semiconductor Inc. Before the merger, Tower had 1,300 employees.
This is not the first wave of layoffs by Tower. It fired 150 employees in May, a week after signing the merger agreement with Jazz. Tower also laid off employees during 2007.
The present wave of layoffs was no surprise. Three weeks ago, Tower announced in the context of its financial report for the third quarter that it intended to save operating costs following the merger with Jazz.
Tower's share rose 10.8% on Nasdaq yesterday to $0.22, giving a market cap of $27.8 million. The share fell 4.1% in morning trading on the TASE to NIS 0.80.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2008
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