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Tower Cuts 170 Jobs

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MIGDAL HAEMEK, Israel, May 29, 2008 -- Chip maker Tower Semiconductor Ltd. has cut 170 jobs -- about 11 percent of its work force -- as part of plan to reduce costs by $40 million a year. The positions were eliminated primarily in management and support and will save $14 million a year, the company said. Tower has about 1500 employees, according to its Web site. The cuts come little more than a week after Israel-based Tower announced it will acquire foundry Jazz Technologies of Newport Beach, Calif., in a stock-for-stock transaction. Jazz makes semiconductor chips for applications including wireless, optical networking,...Read full article

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    Published: May 2008
    Glossary
    chip
    1. A localized fracture at the end of a cleaved optical fiber or on a glass surface. 2. An integrated circuit.
    photonics
    The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
    acquisitionsaerospacechipCMOSCommunicationscutsdealdefenseeliminateEmploymentfiber opticsfoundryindustrialJaxx Technologiesjobsmixed signalnetworkingNews & FeaturesphotonicsRF CMOSsemiconductorsSensors & Detectorssilicon-germaniumTower SemiconductorWaferswork force

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