STMicroelectronics, Tower Semiconductor Collaborate To Ramp Up Under Construction Agrate R3 300mm Fab Production In Italy - Tower Semiconductor (NASDAQ:TSEM), STMicroelectronics (NYSE:STM)

STMicroelectronics NV STM introduced semiconductor solutions foundry Tower Semiconductor Ltd TSEM to its Agrate R3 300mm fab under construction Agrate Brianza site in Italy.
ST and Tower will collaborate for an accelerated fab ramp-up to reach a high utilization level leading to a competitive wafer cost.
ST will share the cleanroom in R3, with Tower installing its equipment in one-third of the total space.
The fab is likely to be ready for equipment installation later in 2021 and start production in the second half of 2022.
The products manufactured in Agrate R3 will support the automotive, industrial and personal electronics markets, ST CEO Jean-Marc Chery said.
Tower's strong execution in advanced 65nm, 300mm based analog RF, power platforms, displays will get a boost from the activity in Agrate; more than tripling Tower's 300mm foundry capacity, Tower CEO Russell Ellwanger stated.
Price action: TSEM shares traded higher by 7.93% at $29.52 in the premarket session on the last check Thursday.