Israeli TowerJazz in Joint Venture With Panasonic in Japan

Partnership expected to raise revenues of the Migdal Ha’emek-based chipmaker by 65%.

Migdal Ha’emek-based chipmaker TowerJazz Semiconductor will partner with Japan’s Panasonic to make Panasonic semiconductors for use in cars and other products. The move is expected to raise the revenues of the Israeli company by 65%. Shares of Tower Semiconductor, the U.S. subsidiary of Tower Jazz, rose 45% Friday on Nasdaq on the news.