The Baran Group Ltd. announced today that its Meissner-Baran Ltd. subsidiary has signed an amendment to a previous contract with Tower Semiconductor to commence Phase II of construction on the turnkey project "FAB 2" plant in Migdal Ha'Emek, Israel.
The Phase II project, valued at $35.8 million, will be performed in five sub-phases. Construction on the first sub-phase, valued at approximately four million dollars, will start immediately, followed by the four remaining sub-phases to be performed in accordance with the pace and progress of the Phase II Project, as well as Tower's demands.
Tower's second phase of construction will increase the manufacturing capabilities of their plant to 33,000 wafers per month. In addition, completion of the second phase of construction will allow for further production ramping for Tower.
The execution of the Phase II project follows the successful completion of Phase I of the construction of a new plant in Migdal Ha'Emek by Meissner-Baran, valued at $180 million. Baran Group Ltd. and M+W Zander from Germany jointly own Meissner-Baran.
The Baran Group, Ltd., is a global provider of engineering, technology and construction solutions. The Company provides full-service, turnkey engineering and technological planning and production services to a broad range of industries through five professional divisions: communications, process industries, civil engineering, semiconductors, and technology and services.
Israel’s Tower Semiconductor Ltd. is a pure-play independent wafer foundry established in 1993. The company manufactures integrated circuits with geometries ranging from 1.0 to 0.18 microns; it also provides complementary manufacturing services and design support. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
