Thursday, July 7, 2011

TowerJazz Sells Stake in Chinese Firm

Newport Beach-based TowerJazz, the semiconductor foundry, said today that it has agreed to sell its holdings in Chinese IC foundry service Hua Hong Semiconductor Limited (HHSL). The firm said the sale was worth $32M in cash. TowerJazz said the move will provide the firm with cash to fund its growth initiatives.

---