DGAP-News: Micron and Elpida Announce Closing of Sponsor Agreement Transactions
(firmenpresse) - Micron Technology, Inc.
31.07.2013 08:09
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Micron Increases Global Scale and Enhances DRAM Portfolio
Micron Also Acquires Rexchip Shares From Powerchip
BOISE, Idaho and TOKYO, July 31, 2013 (GLOBE NEWSWIRE) -- Micron Technology,
Inc. (Nasdaq:MU) ('Micron') and Elpida Memory, Inc. ('Elpida') trustees
announced today the closing of Micron's acquisition of 100 percent of Elpida's
equity, pursuant to a Sponsor Agreement entered into on July 2, 2012 in
connection with Elpida's corporate reorganization proceedings conducted under
the jurisdiction of the Tokyo District Court. In a related transaction, Micron
also announced today the completion of its acquisition of a 24 percent share of
Rexchip Electronics Corporation from Powerchip Technology Corporation and
certain of its affiliates. The transactions will be recorded for accounting
purposes as being effective at 11:59 p.m., Tokyo time, on July 31, 2013.
Elpida's assets include a 300 millimeter (mm) DRAM fabrication facility located
in Hiroshima, Japan; an approximate 65 percent ownership interest in Rexchip,
whose assets include a 300mm DRAM fabrication facility located in Taiwan; and a
100 percent ownership interest in Akita Elpida Memory, Inc., whose assets
include an assembly and test facility located in Akita, Japan. Together with
the Rexchip shares acquired from Powerchip, Micron will control approximately
89 percent of Rexchip's outstanding shares and 100 percent of Rexchip product
supply. The manufacturing assets of Elpida and Rexchip together can produce
more than 185,000 300mm wafers per month, which represents an approximate 45
percent increase in Micron's current manufacturing capacity.
Using its advanced technologies, Elpida has built a strong presence in Mobile
DRAM, targeting mobile phones and tablets. Micron is a leader in delivering
enterprise DRAM solutions for networking and servers as well as offering a wide
product portfolio in NAND flash memory and NOR. Combining the two complementary
product portfolios will further strengthen Micron's position in the memory
market and enable it to provide customers with an even more complete set of
high-quality solutions.
'We are pleased to bring together Elpida with Micron to form the industry's
leading pure-play memory company. This combination will result in enhanced R&D
and manufacturing scale, significant cost and production synergies and a
stronger memory product portfolio to provide solutions to our customers,' said
Micron CEO Mark Durcan.
Yukio Sakamoto, CEO, President and co-trustee of Elpida, said, 'This
transaction is a strong testament to the value of Elpida's technologies,
products and people, and it will result in a combined organization that can
best serve customers with broader memory solutions, strength and scale.'
Effective with the closing, Mr. Sakamoto announced his resignation from Elpida.
Micron and Elpida announced that Yoshitaka Kinoshita will replace Mr. Sakamoto
as the President, Representative Director and Business Trustee of Elpida and
become the President of Micron Japan.
'I want to personally thank Sakamoto-san for his strong leadership of Elpida
and for his efforts in helping bring Elpida and Micron together. I look forward
to working with Kinoshita-san as we seek to strengthen our combined teams,'
said Durcan.
About Elpida
Elpida Memory, Inc. is a leading manufacturer of Dynamic Random Access Memory
(DRAM) integrated circuits. The company's design, manufacturing and sales
operations are backed by world class technological expertise. Its 300mm
manufacturing facilities, consisting of its Hiroshima Plant and a Taiwan-based
joint venture, Rexchip Electronics, utilize the most advanced manufacturing
technologies available. Elpida's portfolio features such characteristics as
high-density, high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications, including personal
computers, servers, mobile devices and digital consumer electronics. More
information can be found at http://www.elpida.com.
About Micron
Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND and NOR flash memory, as well as other
innovative memory technologies, packaging solutions and semiconductor systems
for use in leading-edge computing, consumer, networking, embedded and mobile
products. Micron's common stock is traded on the NASDAQ under the MU symbol. To
learn more about Micron Technology, Inc., visit www.micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All
other trademarks are the property of their respective owners.
CONTACT: Kipp Bedard
Micron Investor Relations
kbedard(at)micron.com
(208) 368-4465
Daniel Francisco
Micron Media Relations
dfrancisco(at)micron.com
(208) 368-5584
Nobuaki Kobayashi, Elpida Trustee, Attorney-at-Law
Takao Adachi, Director and Executive Officer,
Elpida Public Relations
+81-3-3281-1500
News Source: NASDAQ OMX
31.07.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: Micron Technology, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5951121038
WKN:
End of Announcement DGAP News-Service
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