Intel buys major chip maker
According to The Wall Street Journal news outlet, Intel could soon announce a nearly $6 billion acquisition that would boost its relatively young foundry business. The chip giant is reportedly close to striking a deal to buy Israel-based Tower Semiconductor, and it could be announced sometime this week if talks don't suddenly come to naught. Tower, which has a market value of about $3.6 billion, makes different types of chips for customers in a variety of industries, including automakers, medical and industrial equipment manufacturers. The company's Web site says it has seven manufacturing facilities located in Israel, Italy, the U.S. and Japan that produce 6-inch, 8-inch and 12-inch chips.
Tom's Hardware says the manufacturing processes it uses are not the most advanced, but the chips it produces don't need the latest technology anyway. Tower Semiconductor only needs to reliably and regularly generate large volumes of chips. It was reported that Intel had previously been in talks to buy the much larger chip maker and AMD subsidiary GlobalFoundries for about $30 billion. However, that didn't happen, and instead GlobalFoundries decided to conduct an initial public offering. Recall that Intel launched its manufacturing services back in 2021, when it committed $20 billion to build two factories in Arizona and explained that it would operate as its own business unit.
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