Today before the opening bell, Tower Semiconductor Ltd. announced that Israel Corp. has invested $20 million in the company, pursuant to the agreement announced in September of last year. As terms of the agreement, Israel Corp. will receive Tower’s equity equivalent capital notes based on a $0.26 value per share.
Russell Ellwanger, CEO of Tower, stated, “We are pleased that Israel Corp. continues to show its support of Tower. This additional capital will assist us in continuing our efforts to become the leading specialty foundry in the world and will provide needed flexibility as we continue to leverage the synergies inherent in our merger with Jazz Technologies and streamline our world-wide operations.”
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