Tower Company, the Israeli computer chip manufacturer, officially announced the closure of its Fab1 factory in northern Israel. The decision comes after a turbulent period following a failed takeover attempt by Intel in 2022 and subsequent regulatory hurdles.
The closure of the Israeli factory is in line with the global trend of moving chip factories out of China amid the intensifying trade war. Reports indicate that Tower is submitting an offer to establish a computer chip factory worth $8 billion in India, to take advantage of the growing electronics production market in the country.