By Will Feuer

Intel said it has struck a foundry deal to build chips for Tower Semiconductor at a manufacturing facility in New Mexico.

Tower Semiconductor, an Israeli chipmaker, will invest up to $300 million to buy equipment and other fixed assets at the New Mexico facility to expand capacity, the companies said. Intel Foundry Services will build Tower's 65-nanometer power management BCD flows, among other flows at the plant in Rio Rancho, N.M.

"We see this as a first step towards multiple unique synergistic solutions with Intel," Tower Chief Executive Russell Ellwanger said.

Intel agreed last year to buy Tower Semiconductor for more than $5 billion, but the companies abandoned the merger last month after Chinese regulators didn't approve the deal.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

September 05, 2023 08:14 ET (12:14 GMT)

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