TowerJazz announced the extension of its working relationship with International Rectifier (IR). The extension was for a seven-year agreement under the terms of which TowerJazz will manufacture multiple product families for IR.

"IR has enjoyed a strong relationship with TowerJazz, recognizing the company as an International Rectifier Supplier of the Year 2012 based upon criteria including alignment of business goals, manufacturing flexibility and responsiveness. With its goal to be the specialty foundry leader, TowerJazz continues to meet our business needs and we are pleased to enter into this agreement," said Oleg Khaykin, President and Chief Executive Officer, International Rectifier.

Russell Ellwanger, Chief Executive Officer, TowerJazz said, "There is no greater affirmation a company can receive than a valued lead customer extending an existing agreement. International Rectifier, from its inception, has an undeniable brand as a power management leader. We look forward to many more years of partnership as we protect IR's intellectual property as well as that of all our other customers."

International Rectifier extended its relationship with TowerJazz due to their history of proven success in working with TowerJazz's TOPS (Transfer Optimization and Process Services) business unit. International Rectifier is a world leader in power management technology.

Tower Semiconductor Ltd. is the global specialty foundry leader. Its fully owned U.S. subsidiary Jazz Semiconductor Ltd., and its fully owned Japanese subsidiary TowerJazz Japan, Ltd., operate collectively under the brand name TowerJazz,.