TEL AVIV, ISRAEL: Israeli chip maker Tower Semiconductor Ltd has signed three additional contracts in South Korea that have not yet been disclosed, the Globes financial news website reported on Tuesday.

The company will announce one of them shortly, but not the other two because the customers wish to keep the details confidential, Globes said.

A Tower spokeswoman declined to comment on the report but confirmed that Tower Chief Executive Russell Ellwanger was recently in South Korea.

Last month the company announced new contracts with South Korea-based Dongwoon Anatech and Taejin Technology Co.

Globes said the size of the new contracts was difficult to estimate but cited sources as saying Tower's sales in South Korea are expected to rise to tens of millions of dollars a year by 2012, from $2 million in 2008.

This would turn South Korea into Tower's second largest market, in terms of sales, after the United States.

Tower's shares were up 4.05 per cent to 3.75 shekels at midday, well ouptacing gains in the broader market.