News Article
Tower cut down to size
Israel-based Tower Semiconductor is planning 70 job losses as part of a cost cutting plan.
Israel-based Tower Semiconductor is planning 70 job losses as part of a cost cutting plan.
The company said that the cutbacks – which were recently approved by the firm’s board - were needed as part of a consolidation of certain departments between its two fabs.
Tower is also aiming to achieve further savings by improving manufacturing efficiencies and materials usage.
"The plan sets the course for achieving operational efficiencies in the near term as well as ramping our operations to meet forecasted accelerated demand for the second half of the year," said acting CEO Udi Hillman.
The company said that the cutbacks – which were recently approved by the firm’s board - were needed as part of a consolidation of certain departments between its two fabs.
Tower is also aiming to achieve further savings by improving manufacturing efficiencies and materials usage.
"The plan sets the course for achieving operational efficiencies in the near term as well as ramping our operations to meet forecasted accelerated demand for the second half of the year," said acting CEO Udi Hillman.