Fairchild to start production at TowerJazz Panasonic plant

JERUSALEM (Reuters) - Fairchild Semiconductor (FCS.O) has started mass production at TowerJazz Panasonic Semiconductor's chip plant in Japan, TowerJazz said on Tuesday.

A market source estimated that Israel-based TowerJazz (TSEM.TA) would reap $50 million in revenue a year starting in mid-2015.

TowerJazz Panasonic is 51 percent owned by TowerJazz and 49 percent by Panasonic . The joint venture of three chip plants in Japan was established earlier in 2014.

(Reporting by Steven Scheer; Editing by Tova Cohen)