Business & Tech
Intel Announces $5.4B Deal That Includes Newport Beach Factory
Intel said it's buying Israeli manufacturing company Tower Semiconductor, which has factories across the world, including Newport Beach.
SANTA CLARA, CA — Intel announced it's buying Israeli manufacturing company Tower Semiconductor for $5.4 billion, acquiring several factories around the world, including one in Newport Beach.
The deal allows Intel to expand its manufacturing capacity and meet the growing demand for semiconductors, the company said in a statement released Tuesday.
Pat Gelsinger, Intel's CEO, said the deal will "unlock new opportunities for existing and future customers."
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"Tower’s specialty technology portfolio, geographic reach, deep customer relationships and services-first operations will help scale Intel’s foundry services and advance our goal of becoming a major provider of foundry capacity globally," he said.
Tower's Newport Beach factory is off of Jamboree Road and Birch Street, near the University of California, Irvine. The company's other factories are in Israel, Italy, Japan and Texas.
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