Tower plans to cut 200 jobs

Move could cost the firm some of its state subsidy for Fab 2
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Tower Semiconductors (Nasdaq:TSEM) plans to terminate 200 of its 1,200 positions, Yedioth Ahronoth reports.

The company is building a new fab at Migdak Haemek, at an investment topping $1 billion. The foundry has been dubbed Fab 2.

The state agreed to provide $250 million of the sum for Fab 2, contingent on Tower creating 1,000 jobs.

Cutbacks at the company could induce the state to reduce its grant.