Specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) has switched from a four day working week to a schedule of alternating four and five day weeks, a week after publishing good financials and announcing several major deals.
Migdal Ha'Emek-based Tower fired hundreds of employees as it sought to cope with the economic crisis, and now has about 1,000 employees. The company had been on a four-day workweek to cut costs.
The company is now working at 70% production capacity compared with 40% in the first half of 2009. In the first stage Tower will work a five-day work week every other week.
Sources at Tower have told "Globes" that the major order won from Intersil puts the company on the map. He said, "Since publication about the contract last week we have received many emails and enquiries from other companies."
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009