California chipmaker Tower Semiconductor furloughing staff amid slowdown

News Snapshot:

Tower Semiconductor is planning three week-long shutdowns for most of its Newport Beach operations amid an industry slowdown — a move that will furlough nearly 700 workers. The Israeli-based chipmaker — which makes integrated circuits for the automotive, medical, industrial, aerospace and defense industries — confirmed it will shutter most of its operations April 1-7, with more partial shutdowns scheduled for July 1-7 and Oct. 7-13. News of the shutdowns comes just seven months after Intel scrapped a $5.4 deal to acquire the chipmaker. In a recent announcement to employees and the state Employment Development Department, Tower said its factory...