Chipmaker Intel has announced it has acquired Israeli company Tower Semiconductor for $ 5.4 billion, or $ 53 a share. The deal will expand Intel’s chipmaking business to other companies.
“Tower’s technology portfolio, geographic reach, and good customer relationships will help expand Intel’s services. We hope to achieve our goal of becoming a major supplier of chips worldwide“said Pat Gelsinger, the company’s chief executive.
Tower, with a market value of about $ 3.6 billion, produces a variety of chips for customers in a variety of industries, including automakers and medical and industrial equipment manufacturers. The company has seven manufacturing facilities located in Israel, Italy, the United States and Japan that produce 6-inch, 8-inch and 12-inch chips.
In 2021, Intel invested $ 20 billion in two factories in Arizona. Earlier this year, the company unveiled plans to build a massive semiconductor facility in Ohio, which it hopes will become “the largest silicon production site on the planet.”
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