December 2, 2019 / 8:42 AM / 5 days ago

Israel's TowerJazz to maintain 51% stake in Panasonic chip JV

FILE PHOTO: The logo of Israeli chipmaker TowerJazz is seen at their offices in Migdal HaEmek, northern Israel September 13, 2017. Picture taken September 13, 2017. REUTERS/Ronen Zvulun

TEL AVIV (Reuters) - Israeli chip manufacturer TowerJazz (TSEM.TA) said on Monday it will not sell its 51% stake and board control in its joint venture (JV) with Panasonic Corp (6752.T) in Japan.

This follows an announcement last week that Panasonic will sell its semiconductor business to Taiwan’s Nuvoton Technology Corp (4919.TW) for $250 million.

News reports had said that sale would include the entire JV with TowerJazz, which operates three Japanese chipmaking facilities.

“Pursuant to its long-term strategy and growth plans, TowerJazz will continue its operations and manufacturing activity at TPSCo Japanese manufacturing facilities,” TowerJazz said in a statement.

The company does not plan any changes to its manufacturing services and therefore there will be no impact on its business relationship with customers, it said.

Reporting by Tova Cohen; Editing by Steven Scheer

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