6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

For the month of January 2011 No. 4

TOWER SEMICONDUCTOR LTD.

(Translation of registrant's name into English)

Ramat Gavriel Industrial Park

P.O. Box 619, Migdal Haemek, Israel 23105

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

On January 13, 2011, the registrant presented at the 13th Annual Needham Growth Conference in New York. Attached hereto is the following exhibit:

Exhibit 99.1                      the registrant’s presentation at the 13th annual Needham conference.

Page 2 of 3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TOWER SEMICONDUCTOR LTD.
Date: January 13, 2011	By:	/s/ Nati Somekh Gilboa
		Name:  Nati Somekh Gilboa
		Title:  Corporate Secretary

Page 3 of 3

EX-99.1

Exhibit 99.1

The Road to be
#1 Specialty Foundry

Mr. Russell Ellwanger, CEO

January 2011

1

13th Annual Needham Growth Conference

Disclaimers

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995.These statements are based on management’s current expectations and beliefs and are subject to a number of risks,
uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements.
All statements other than statements of historical fact are statements that could be deemed forward-looking statements. For example,
statements of expected synergies from Tower’s merger with Jazz, customer benefits, costs savings, financial guidance, industry ranking,
execution of integration plans and management and organizational structure are all forward-looking statements. The potential risks and
uncertainties include, among others, that expected customer benefits, synergies and costs savings will not be achieved or that the
companies are unable to successfully execute their integration strategies, as well as other risks applicable to both Tower and Jazz’s
business described in the reports filed by Tower and Jazz with the Securities and Exchange Commission (the “SEC”) and, in the case of
Tower, the Israel Securities Authority.These filings identify and address other important factors that could cause Tower and Jazz's
respective financial and operational results to differ materially from those contained in the forward-looking statements set forth in this
document. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Tower or Jazz.Tower and
Jazz are providing this information as of the date of this presentation and neither Tower nor Jazz undertakes any obligation to update any
forward-looking statements contained in this document as a result of new information, future events or otherwise.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this
presentation or which may otherwise affect Tower or Jazz’s business is included under the heading "Risk Factors" in Tower’s most recent
filings on Forms 20-F, F-4, F-3 and 6-K, as were filed with the SEC and the Israel Securities Authority and Jazz’s most recent filings on
Forms 10-K and 10-Q, as were filed with the SEC. Actual results may differ materially from those projected or implied by such forward-
looking statements. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in
this release.

2

Internal Fab

Assembly
& Test

Packaged

Device

What do we do?

IDM
Design Center

Foundry Fab

TowerJazz

WW Design Center

Digital“Moore’slaw”
foundries

More than Moore

3

Annual Revenues 2005-2010

* 2010 revenue is based on company’s announced target

4

Two Dimensional World of Silicon Development

22nm

32nm

45nm

65nm

90nm

130nm

180nm

Years

5

Being a 2nd or 3rd source :

• May help Fab utilizization

BUT:

• Makes one a non value add,

low margin, “bottom feeder”

More than Moore…
Special Analog Device Enrichment

Interacting with people

and environment:

Non-digital content System-in-Package (SiP)

6

More than Moore…
Special Analog Device Enrichment

Interacting with people

and environment:

Non-digital content System-in-Package (SiP)

A double time scale -

Keeping a mature Fab young!

7

More than Moore…
Special Analog Device Enrichment

90nm

0.13um

0.18um

0.25um

0.35um

0.5um

MS/ RF

CIS

Power Mngt

MEMS

Time

In Production

Future

Development

In Production

Future

Development

Interacting with people

and environment:

Non-digital content System-in-Package (SiP)

8

Specialty Technology

Revenue ($M)

Specialty

9

Revenue and EBITDA 2005-2010

10

240K WPY

~70K WPY

600K WPY

Total 8” Equivalent Capacity of

~900K WPY expanding
to ~1.2M WPY

Shanghai, China

§HHNEC: 10% Ownership

§ASMC: Supply Agreement

Tokyo, Japan

§Sales Reps

Seoul, Korea

§Sales and
Support Office

France

§Sales Reps

Santa Clara, CA

§Sales and
Support Office

Migdal Haemek, Israel

§8” Fab and 6” Fab

Newport Beach, CA

§8” Fab

Hsinchu, Taiwan

§Sales Office

Munich

§Sales Office

TowerJazz Global Footprint

11

Foundry Revenue 2005-6-7-8-9

Source: The McLean Report; iSupply; IC Insight; Companies Report

12

Foundry Revenue Growth Y/Y

Source: The McLean Report, 2008 Edition; iSupply 2009; Companies Report

13

Foundry Revenue Growth Y/Y

Source: The McLean Report, 2008 Edition; iSupply 2009; Companies Report

14

From Design Win to Production

Pre-sale

Exploration

Quote

Production

Development

R&D

Prototype

Qual

Metal
fix

Design

Characterization

6-12 months

2-5 months

3-6 months

Design-win

15

Design-win Momentum

§2009: >300 design-wins

§Advanced RF: 86

§Image Sensors: 44

§Power Management: 48

§A&D: 58

§TOPS: 30

§Core CMOS: 42

Specialty:

86% of total design-wins

16

§2010 Q1-Q3: >350 design-wins

TowerJazz Market Momentum

17

•Design Enablement: PDK, Accurate Models, Special IP, Custom Design, Easy porting

•Process and Device Engineering Capabilities

HPA/RF

CMOS

TOPS-IDM

Corporate Business
and Applications

Power

CIS

19

∞

* 2010 EBITDA is based on company’s announced targets

Diversified Customer Base

20

2010-2011 Semiconductor Market growth Forecasts

TowerJazzto surpassed industry’s growth at 2.2X

2011 vs. 2010:

TowerJazz targets to continue to outpace the industry

Average: ~32%

Average: ~6.5%

Source: IC Insights, McClean Report 2010

21

Summary

§2010 momentum:

–On target to exceed $500 million annual revenues

–Record design-wins for future growth

–Highest growth rate foundry over the past 5 years

–$400M debt restructured

§2011 & beyond:

–Strong and growing sales funnel

–We know how to make merger successful

§Enhanced Jazz EV by 3X to $480M

–$200M pro-forma cash to enable M&A deals

22

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* 2010 revenue and EBITDA are based on company’s announced targets

Revenue-EBITDA

Design-wins

www.towerjazz.com