Tower Semiconductor Ltd (TSEM) announced the successful production, delivery, and qualification of the company’s first wafer prototype for the International Rectifier Corporation. As a result, Tower Semiconductor will begin production of this product immediately under the terms of an agreement signed with International Rectifier Corporation in September 2006.
The agreement specifies that Tower will be able to sell thousands of wafers to the International Rectifier Corporation every year, a value that can well exceed $15 million. Further agreements with SanDisk Corporation (SNDK) and Siliconix could also yield $100 million in sales per year.
Tower’s Vice President, commented, “We are very pleased with our results to date. The inter-team support, capability and communication has been excellent. We are confident that the remaining milestones will also be met and look forward to many years of partnership and mutual success.”
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