March 17, 2003 – Migdal Haemek, Israel – The Baran Group Ltd., a global provider of engineering, technology, and construction solutions, said 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 Haemek, 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 $4 million, 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/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 completion of Phase I of the construction of a new plant in Migdal Haemek by Meissner-Baran, valued at $180 million.