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Tower Semiconductor Ltd.
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Tower Semiconductor Ltd. |
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Tower Semiconductor Ltd., the global specialty foundry leader, and its wholly owned US subsidiary Jazz Semiconductor, operate under the TowerJazz brand name, manufacturing integrated circuits with geometries ranging from 1.0 to 0.13-micron. TowerJazz delivers customized solutions in a variety of advanced CMOS technologies and provides complementary technical services and design support. ICs manufactured by Tower are incorporated into a wide range of end-user products in diverse markets, including consumer electronics, personal computers and office equipment, communications, automotive, industrial, professional photography and medical instruments.
In addition to digital CMOS process technology, TowerJazz offers advanced mixed-signal and RF CMOS, power management, CMOS image-sensor, non-volatile memory technologies and Flash MTP and OTP solutions. Through the process portfolio of Jazz Semiconductor, Tower offers RF CMOS, analog CMOS, silicon and SiGe BiCMOS, SiGe C-BiCMOS, MEMS, power CMOS and high voltage CMOS.
To provide world-class customer service, TowerJazz has operational facilities that span the globe with two fabs in Israel, one fab in the United States, additional capacity available in China through manufacturing partnerships, and a newly acquired fab in Japan.
In addition to digital CMOS process technology, TowerJazz offers advanced mixed-signal and RF CMOS, power management, CMOS image-sensor, non-volatile memory technologies and Flash MTP and OTP solutions. Through the process portfolio of Jazz Semiconductor, Tower offers RF CMOS, analog CMOS, silicon and SiGe BiCMOS, SiGe C-BiCMOS, MEMS, power CMOS and high voltage CMOS.
To provide world-class customer service, TowerJazz has operational facilities that span the globe with two fabs in Israel, one fab in the United States, additional capacity available in China through manufacturing partnerships, and a newly acquired fab in Japan.
Specialized capabilities - TowerJazz manufactures specialty process technologies, mostly based on CMOS process platforms with added features to enable improved size, performance and cost characteristics for analog and mixed-signal semiconductors. The company's CMOS image sensor technology delivers superior image quality and ultra-high resolution and is used in a wide variety of consumer, commercial and medical mass-market applications. RF CMOS process technologies are well-suited for wireless semiconductors such as highly integrated wireless transceivers, power amplifiers and TV tuners. The SiGe BiCMOS process technologies have more features than BiCMOS processes and are for advanced RF and high-performance analog semiconductors such as high-speed, low noise, highly integrated multi-band wireless transceivers, TV tuners and power amplifiers. The high voltage CMOS and BCD process technologies are well-suited for power and driver semiconductors such as voltage regulators, battery chargers, power management products and audio amplifiers.
In August 2011, TowerJazz closed the sale of all its holdings in Hua Hong Semiconductor Limited, the parent company of HHNEC, one of Mainland Chinas leaders in the field of IC foundry service, for $32 million in cash.
Management
CEO: Russell Ellwanger
Mr. Ellwanger was appointed Chief Executive Officer in May 2005. Previously, from 1998 to 2005, he served in various executive positions for Applied Materials Corporation, including Group Vice President, General Manager of the Applied Global Services (AGS) division from 2004 to 2005, and Group Vice President, General Manager of the CMP and Electroplating Business Group from 2002 to 2004. Mr. Ellwanger also served as Corporate Vice President, General Manager of the Metrology and Inspection Business Group from 2000 to 2002, during which he was based in Israel. From 1998 to 2000, he served as Vice President of Applied Materials’ 300-mm Program Office, USA. Mr. Ellwanger also served as General Manager of Applied Materials’ Metal CVD Division from 1997 to 1998 and from 1996 to 1997, he served as Managing Director of CVD Business Development, during which he was based in Singapore. In addition, Mr. Ellwanger held various managerial positions at Novellus Systems, Inc. from 1992 to 1996 and at Philips Semiconductors from 1980 to 1992.
Mr. Ellwanger was appointed Chief Executive Officer in May 2005. Previously, from 1998 to 2005, he served in various executive positions for Applied Materials Corporation, including Group Vice President, General Manager of the Applied Global Services (AGS) division from 2004 to 2005, and Group Vice President, General Manager of the CMP and Electroplating Business Group from 2002 to 2004. Mr. Ellwanger also served as Corporate Vice President, General Manager of the Metrology and Inspection Business Group from 2000 to 2002, during which he was based in Israel. From 1998 to 2000, he served as Vice President of Applied Materials’ 300-mm Program Office, USA. Mr. Ellwanger also served as General Manager of Applied Materials’ Metal CVD Division from 1997 to 1998 and from 1996 to 1997, he served as Managing Director of CVD Business Development, during which he was based in Singapore. In addition, Mr. Ellwanger held various managerial positions at Novellus Systems, Inc. from 1992 to 1996 and at Philips Semiconductors from 1980 to 1992.
VP Finance & CFO: Oren Shirazi
Mr. Shirazi was appointed Chief Financial Officer in November 2004, after serving as Controller since July 2000. He joined Tower in October 1998 serving as Vice Controller. Previously, he was employed as an Audit Manager in the accounting firm of Ratzkovski-Fried & Co., which merged into Ernst & Young (Israel), commencing August 1995. Mr. Shirazi is a Certified Public Accountant in Israel (CPA), and has an MBA in Business Management from the Graduate School of Business at Haifa University with honors and a B.A. in Economics and Accounting from Haifa University.
Mr. Shirazi was appointed Chief Financial Officer in November 2004, after serving as Controller since July 2000. He joined Tower in October 1998 serving as Vice Controller. Previously, he was employed as an Audit Manager in the accounting firm of Ratzkovski-Fried & Co., which merged into Ernst & Young (Israel), commencing August 1995. Mr. Shirazi is a Certified Public Accountant in Israel (CPA), and has an MBA in Business Management from the Graduate School of Business at Haifa University with honors and a B.A. in Economics and Accounting from Haifa University.
Directors
Chairman: Amir Elstein
Amir Elstein was appointed as Chairman of the Board in January 2009. Mr. Elstein serves as Chairman of the Board of Directors of Israel Corporation Ltd., and a member of the Board of Directors of Teva Pharmaceutical Industries Ltd. Mr. Elstein serves as Chairman of the Board of Governors of the Jerusalem College of Engineering. He also serves a chairman/member of the board of several academic, scientific and educational, social and cultural institutions. Mr. Elstein was a member of Teva Pharmaceutical Industries senior management team from 2005 to 2008, where most recently he held the position of the Executive Vice President at the Office of the CEO, overseeing Global Pharmaceutical Resources. Prior thereto, he was an executive at Intel Corporation, where he worked for 23 years, eventually serving as General Manager of Intel Electronics Ltd., an Israeli subsidiary of Intel. Mr. Elstein received his B.Sc. in Physics and Mathematics from the Hebrew University in 1980 and his M.Sc. in the Solid State Physics Department of Applied Physics from the Hebrew University in 1982. In 1992, Mr. Elstein received his diploma of Senior Business Management from the Hebrew University.
Russell Ellwanger
Mr. Ellwanger was appointed Chief Executive Officer in May 2005. Previously, from 1998 to 2005, he served in various executive positions for Applied Materials Corporation, including Group Vice President, General Manager of the Applied Global Services (AGS) division from 2004 to 2005, and Group Vice President, General Manager of the CMP and Electroplating Business Group from 2002 to 2004. Mr. Ellwanger also served as Corporate Vice President, General Manager of the Metrology and Inspection Business Group from 2000 to 2002, during which he was based in Israel. From 1998 to 2000, he served as Vice President of Applied Materials’ 300-mm Program Office, USA. Mr. Ellwanger also served as General Manager of Applied Materials’ Metal CVD Division from 1997 to 1998 and from 1996 to 1997, he served as Managing Director of CVD Business Development, during which he was based in Singapore. In addition, Mr. Ellwanger held various managerial positions at Novellus Systems, Inc. from 1992 to 1996 and at Philips Semiconductors from 1980 to 1992.
Mr. Ellwanger was appointed Chief Executive Officer in May 2005. Previously, from 1998 to 2005, he served in various executive positions for Applied Materials Corporation, including Group Vice President, General Manager of the Applied Global Services (AGS) division from 2004 to 2005, and Group Vice President, General Manager of the CMP and Electroplating Business Group from 2002 to 2004. Mr. Ellwanger also served as Corporate Vice President, General Manager of the Metrology and Inspection Business Group from 2000 to 2002, during which he was based in Israel. From 1998 to 2000, he served as Vice President of Applied Materials’ 300-mm Program Office, USA. Mr. Ellwanger also served as General Manager of Applied Materials’ Metal CVD Division from 1997 to 1998 and from 1996 to 1997, he served as Managing Director of CVD Business Development, during which he was based in Singapore. In addition, Mr. Ellwanger held various managerial positions at Novellus Systems, Inc. from 1992 to 1996 and at Philips Semiconductors from 1980 to 1992.
Ilan Flato
Ilan Flato has served as an independent and external director since April 2009. Mr. Flato serves as a Senior Non-Executive Director of Emblaze Ltd. since April 2006. Until 2004, Mr. Flato served as the VP for planning, economics and online banking in United Mizrahi Bank and as the Chief Economist of the bank. From 1992 and 1996, Mr. Flato served as the Economic Advisor to the Prime Minister of Israel. Prior to this position, Mr. Flato served in the Treasury Office as the deputy director of the budget department. In addition, Mr. Flato served as a member of the board of directors of many government owned companies. Mr. Flato holds a B.A. in Economics and Work Relationships from Tel-Aviv University and a Masters in Law from Bar-Ilan University.
Nir Gilad
Nir Gilad has served as a director since May 2007. Mr. Gilad has served as Chief Executive Officer of Israel Corp. since June 2007; he previously served as Vice-Chief Executive Officer of the Israel Corporation from May 2006 to May 2007. From 2004-2006, Mr. Gilad served as Vice-Chief Executive Officer of Migdal Holdings Insurance and Financings Ltd., Chief Executive Officer of Migdal Investment Management 2001 Ltd. and chairman of Migdal Capital Markets Ltd. In addition, from 1999-2003, Mr. Gilad served as General Comptroller of the Treasury Office of the State of Israel. Throughout the years, Mr. Gilad was a member and chairman of several boards of directors. Mr. Gilad holds a B.A. in Economics and Agricultural Management in Natural Sciences from the Hebrew University of Jerusalem and an M.A. in business administration from Bar Ilan University.
Dana Gross
Dana Gross has served as an independent director since November 2008. Dana is a Venture Partner at Camel Ventures, a leading Israeli Venture Capital firm. From 2006 to 2008, Ms. Gross was a Senior VP, Israel Country Manager at SanDisk Corporation. From 1992 to 2006, Ms. Gross held various senior positions at M-Systems, including Chief Marketing Officer, VP World Wide Sales, President of M-Systems Inc. (US Subsidiary) and CFO, VP Finance and Administration. In addition, Ms. Gross served as a director of M-Systems Ltd., Audiocodes Ltd. and PoweDsine Ltd. Ms. Gross holds a B.Sc. in Industrial Engineering from Tel-Aviv University and an M.A. in business administration from San Jose State University.
Rami Guzman
Rami Guzman has served as a director since February 2009. Mr. Guzman is a director of Bank Leumi Le-Israel, he is a director in several IT companies and serves as consultant to IT and telecom companies. Mr. Guzman held various senior positions at Motorola Inc. and Motorola Israel Ltd. since 1985, including VP of Motorola Inc. and Director of Motorola Israel Ltd. In addition, until July 2004, Mr. Guzman was the CFO of Motorola Israel Ltd. Prior to joining Motorola, Mr. Guzman worked for the Ministry of Finance first as senior assistant and deputy to the Director of the Budget and then as Government-wide MIS and IT Commissioner. Mr. Guzman holds a B.A. in Economics (1963) and an M.A. in Business and Public Administration (1969) from the Hebrew University of Jerusalem. He was a Research Fellow at Stanford University and Stanford Research Institute, California, USA, and completed Ph.D. studies at the Hebrew University of Jerusalem.
Kalman Kaufman
Kalman Kaufman has served as a director and as a member of our Audit Committee since August 2005 and as a member of our Stock Option and Compensation Committee since May 2008. Mr. Kaufman also served as Corporate Vice President at Applied Materials from 1994 to 2005. Between 1985 and 1994, Mr. Kaufman served as President of KLA Instruments Israel, a company he founded, and General Manager of Kulicke and Soffa Israel. Mr. Kaufman is currently the Chairman of Solgel Nanotechnology and is a member of several boards of directors. He holds engineering degrees from the Technion - Israel Institute of Technology.
Alex Kornhauser
Alex Kornhauser has served as an independent and external director since August 2008. Mr. Kornhauser serves as Senior VP, GM of Manufacturing at Numonyx Corporation since March 2008. From January 1978 to March 2008, Mr. Kornhauser held many positions at Intel Corporation from design engineer, project manager, department manager, engineering manager and general manager of certain groups, segments and plants. More specifically, from August 2000 to May 2007 he served as Intel Israel Site GM, from January 2006 until March 2008 he served as VP of the Flash Memory Group, from December 2004 to December 2005 Mr. Kornhauser served as VP of TMG NVM Strategic Segment, from January 2001 to November 2004 he served as VP of TMG F18 Plant Manager and from January 1996 to December 2000 he served as F18 General Manager. Mr. Kornhauser holds a B.S. in Electronics from Bucharest Polytechnic Institute in Romania.
Ron Moskovitz
Ron Moskovitz has served as a director since October 2007. Mr. Moskovitz is the CEO of Quantum Pacific Advisory Limited, a UK based company. From July 2002 until November 2007, Mr. Moskovitz served as Senior Vice President and Chief Financial Officer of Amdocs Limited. From 1998 until July 2002, Mr. Moskovitz served as Vice President of Finance of Amdocs Limited. Between 1994 and 1998, Mr. Moskovitz served in various senior financial positions in Tower Semiconductor Ltd. Mr. Moskovitz serves as a member of the Board of Director of Israel Corporation Ltd. Mr. Moskovitz is a certified public accountant in Israel. He holds a B.A. in accounting and economics from Haifa University and an MBA from Tel-Aviv University.
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Three Months Ended
June 30 |
Six Months Ended
June 30 |
|||
|
Income Statement Data ($m) |
2011 |
2010 |
2011 |
2010 |
| Total Revenues |
139.7 |
125.7 |
260.3 |
239.5 |
|
Gross Profit |
29.3 |
21.7 |
59.8 |
38.0 |
| Gross Margins % |
21% |
17% |
23% |
16% |
| Operating Income |
11.3 |
4.3 |
26.7 |
4.5 |
| Pretax Income |
10.9 |
-5.1 |
7.0 |
-38.7 |
| Net Income |
1.7 |
-8.7 |
-3.8 |
-44.9 |
| Diluted Earnings Per Share ($) |
0.01 |
-0.04 |
-0.01 |
-0.21 |
|
|
|
|
|
|
|
Year Ended December 31 |
|||
|
Income Statement Data ($m) |
2010 |
2009 |
2008 |
| Total Revenues |
509.3 |
298.8 |
251.7 |
|
Gross Profit |
107.2 |
-26.5 |
-44.9 |
|
Gross Margins % |
21% |
- |
- |
| Operating Income |
43.3 |
-81.8 |
-93.0 |
| Pretax Income |
-29.5 |
-125.5 |
-103.7 |
| Net Income |
-42.4 |
-120.5 |
-105.1 |
| Diluted Earnings Per Share ($) |
-0.18 |
-0.71 |
-0.78 |
|
|
|
|
|
| Balance Sheet Data ($m) |
6/30/11 |
12/31/10 |
|
Total Cash & ST Investments |
138.9 |
198.4 |
| Current Assets |
367.1 |
322.1 |
| Total Assets |
971.7 |
801.7 |
| Current Liabilities |
317.5 |
250.0 |
|
Total Equity |
179.9 |
117.8 |
|
|
|
| Key Financial Ratios |
6/30/11 |
12/31/10 |
| Current Ratio |
1.2x |
1.3x |
| L-T Debt/Equity |
186.5% |
305.2% |
|
|
|
| Business Summary |
2010 |
|
Revenues |
|
| Semiconductors |
100% |
|
|
| Dividend Policy |
| Company does not currently pay dividends. |
| Main Shareholders (August 4, 2011) |
|
| No shareholder holds more than 5%. |
5.43% |
|
|
Main Products
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Tower's silicon wafer Tower manufactures ICs on silicon wafers, generally using the customer’s proprietary circuit designs. In some cases, Tower uses third-party or its own proprietary design elements. The end product of Tower's manufacturing process is a silicon wafer containing multiple identical ICs. |
|
Chip packaged with integrated circuit in the center Tower manufactures ICs with geometries ranging from 1.0 to 0.13-micron. The company also provides design services and complementary technical services. |
|
End products containing Tower ICs ICs manufactured by Tower are incorporated into a wide range of products in diverse markets, including consumer electronics, personal computers, communications, automotive, industrial and medical device products. |
Manufacturing Facility
|
Tower's Fab2 manufacturing facility in Israel In January 2001, Tower commenced construction of a new, state-of-the-art wafer fabrication facility, referred to as Fab 2, located in Migdal Haemek, Israel and adjacent to its first facility, Fab 1. In 2003, Tower completed the infrastructure of Fab 2 and commenced production of wafer shipments from this Fab. Fab 2 is designed to operate in geometries of 0.18-micron and below, using advanced materials and advanced CMOS technology. |
Announcements
7/12/2011
TowerJazz to Present at the Needham Growth Conference in New York on January 10, 2012 More Info
TowerJazz to Present at the Needham Growth Conference in New York on January 10, 2012 More Info
17/11/2011
TowerJazz Signs MOU for Process Transfers and Projects in India and Brazil, Targeting Indias Emerging Semiconductor Market More Info
TowerJazz Signs MOU for Process Transfers and Projects in India and Brazil, Targeting Indias Emerging Semiconductor Market More Info
15/11/2011
TowerJazz Presents Third Quarter 2011 Financial Results: Revenue Up 26% Quarter-over-Quarter to $176 Million and GAAP Net Profit More Info
TowerJazz Presents Third Quarter 2011 Financial Results: Revenue Up 26% Quarter-over-Quarter to $176 Million and GAAP Net Profit More Info
31/10/2011
TowerJazz Selected as Winner of Raytheon Network Centric Systems Supplier Excellence Award More Info
TowerJazz Selected as Winner of Raytheon Network Centric Systems Supplier Excellence Award More Info
26/10/2011
TowerJazz Announces Participation at EDS Fair in Japan to Introduce Its World-Class Design Enablement Technology More Info
TowerJazz Announces Participation at EDS Fair in Japan to Introduce Its World-Class Design Enablement Technology More Info
11/10/2011
TowerJazz Global Symposium to be held on November 2-3, 2011 in Newport Beach, CA More Info
TowerJazz Global Symposium to be held on November 2-3, 2011 in Newport Beach, CA More Info
10/10/2011
TowerJazz Voluntarily Early Redeems Its US Convertible Notes Originally Due December 2011 More Info
TowerJazz Voluntarily Early Redeems Its US Convertible Notes Originally Due December 2011 More Info
6/10/2011
TowerJazz Expands its High Speed SiGe, SOI and RF CMOS Design Kits for Use with Agilent Technologies Advanced Design System 2011 Software Release More Info
TowerJazz Expands its High Speed SiGe, SOI and RF CMOS Design Kits for Use with Agilent Technologies Advanced Design System 2011 Software Release More Info
6/10/2011
TowerJazz Expands its High Speed SiGe, SOI and RF CMOS Design Kits for Use with Agilent Technologies Advanced Design System 2011 Software Release More Info
TowerJazz Expands its High Speed SiGe, SOI and RF CMOS Design Kits for Use with Agilent Technologies Advanced Design System 2011 Software Release More Info
All Announcements
News
Globes - 13/6/2011 - Tower Semiconductor raises guidance
The new guidance's mid-point is 15% higher than the $120.6 million revenue for the first quarter. More Info
The new guidance's mid-point is 15% higher than the $120.6 million revenue for the first quarter. More Info
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