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Monday, March 7, 2011

TowerJazz wins US Army night vision deal

The company will add CMOS image sensor foundry processes and solutions at its Newport Beach facility.

Specialty foundry TowerJazz (Nasdaq: TSEM; TASE: TSEM) will develop image sensors for the US Army night vision electronics and sensors directorate (NVESD).

TowerJazz said that it has signed contracts with the US Army for two phases of development for CMOS low light image sensor development for Army portable systems.

To carry out the work, TowerJazz is expanding its aerospace and defense capability by adding CMOS image sensor (CIS) foundry processes and solutions in its Newport Beach, California facility. The project will result in advanced CIS technology at TowerJazz’s facility, will provide the US Army with a solution for its technology needs, and will provide state-of-the-art CIS technology for Department of Defense CIS programs.

The transferred 180nm CMOS image sensor process at TowerJazz’s US location is meant to be a viable, commercially sustainable foundry offering to support not only the Army NVESD and their suppliers, but all US Department of Defense agencies and other parties.

Tower does business as TowerJazz since acquiring Jazz in 2008. The company has two manufacturing facilities in Israel and one in the US with additional capacity available in China through manufacturing partnerships.

Tower shares closed at $1.35 on Friday, giving a market cap of $358.47 million.