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TEL AVIV - Israeli chip manufacturer TowerJazz said on Monday it will not sell its 51% stake and board control in its joint venture (JV) with Panasonic Corp in Japan.
This follows an announcement last week that Panasonic will sell its semiconductor business to Taiwan's Nuvoton Technology Corp for $250 million.
News reports had said that sale would include the entire JV with TowerJazz, which operates three Japanese chipmaking facilities.
"Pursuant to its long-term strategy and growth plans, TowerJazz will continue its operations and manufacturing activity at TPSCo Japanese manufacturing facilities," TowerJazz said in a statement.
The company does not plan any changes to its manufacturing services and therefore there will be no impact on its business relationship with customers, it said.
(Reporting by Tova Cohen; Editing by Steven Scheer)