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Tower (from 35)

2020, revenue was $1.266 billion, net
profi t was $82 million with $0.76 EPS.

For Q4, revenue was $412 million, with a
$52 million net profi t and an EPS of $0.47
diluted. For the comparable quarter in
2020, revenue was $70 million with net
profi t of $31 million and an EPS of $0.28.
Intel has maintained an Israel presence since 1974. This is In-
Immediately accretive tel’s Global Development Centre in Jerusalem. (Intel)
The transaction is expected to be imme- IFS and Tower Semiconductor will run in-
diately accretive to Intel’s non-GAAP EPS. dependently until the deal closes.
Intel intends to fund the acquisition with
cash from the balance sheet.
Tower will be integrated into IFS
Tower will continue to be led by CEO Rus-
The deal is expected to close in about a sell Ellwanger “during this time,” Intel
year. It has been unanimously approved said. Upon closing, Tower will be integrat-
by Intel’s and Tower’s boards of directors ed into Intel’s Foundry Services, which is
and is subject to certain regulatory ap- led by Dr. Ranhir Thakur, president of IFS.
provals and customary closing conditions. intel.com

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