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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (41608)	1/20/2001 9:40:39 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Tower's second fab will finally happen MIGDAL HAEMEK, Israel --Tower Semiconductor Ltd.'s long await to begin construction on its Fab 2 facility is about to end. The Israeli semiconductor foundry company completed the last part of a $1.1 billion financing package for construction of the new 200-mm fab. Tower today announced it has signed an agreement with two major Israeli banks--Bank Leumi and Bank Hapoalim--to secure $550 million in credit for the construction of its second fab. The Israeli foundry has lined up $300 million in equity investments from Alliance Semiconductor, SanDisk, Macronix, Quicklogic, and the Israel Corp., as well as a $250 million government grant. "We plan to hold the Fab 2 groundbreaking ceremony on Jan. 31 in the presence of the President and the Prime Minister of the State of Israel and other esteemed guests," said Yoav Nissan-Cohen, co-CEO of Tower. For more than two years, Tower has been trying to fund its second fab, which will be built adjacent to its existing plant in Migdal Haemek. Subject 50522