The company never changed its legal identity and the Israel-based parent has always been Tower Semiconductor Ltd. And from March 1, that's how the company would like to be known. In addition, the company is adopting the tag line: "Where analog and value meet."
The company stated the rebranding was aligned with its strategic roadmap to provide the highest value analog semiconductor components. No reason was given why the company was dropping Jazz, although this was originally the name of a company acquired by Tower in September 2008 that brought with it silicon-germanium process technology and a wafer fab.
Since then Tower has conducted deals to gain more fabs with Micron and Panasonic in Japan and with Maxim in San Antonio, Texas, making Jazz a diminishing part of Tower's wafer fab portofolio.
Tower has announced a full year results. In the 4Q19 the company made a net profit of $21 million on revenues of $306 million, down 8.4 percent from the same quarter a year before. For the full year the company made a net profit of $90 million on revenue of $1.23 billion, down 5.4 percent on 2018.
The company suffered from a slightly below par year mainly due to a renegotiated contract with Panasonic announced in March 2019.
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