DGAP-News: Intel, Micron Update NAND Flash Memory Joint Venture

Micron Technology, Inc.

28.02.2012 15:01
—————————————————————————

Companies Expand Successful NAND Flash Memory Joint Development Program to
Include Development of Emerging Memory Technologies
SANTA CLARA, Calif. and BOISE, Idaho, Feb. 28, 2012 (GLOBE NEWSWIRE) — Intel
Corporation (Nasdaq:INTC) and Micron Technology, Inc. (Nasdaq:MU), today
announced that the companies have entered into agreements to expand their NAND
Flash memory joint venture relationship.

The agreements, which are designed to improve the flexibility and efficiency of
the joint venture, include a NAND Flash supply agreement for Micron to supply
NAND products to Intel and agreements for certain joint venture assets to be
sold to Micron. Under terms of the agreement, Intel is selling its stake in two
wafer factories in exchange for approximately $600 million–the approximate book
value of Intel–s share. Additionally, Intel will be receiving approximately
half of the consideration in cash and the remaining amount will be deposited
with Micron, which may be refunded or applied to Intel–s future purchases under
the NAND Flash supply agreement. The agreements also extend the companies–
successful NAND Flash joint development program and expand it to include
emerging memory technologies.

–Micron–s joint venture NAND development efforts with Intel are a model of
innovation, productivity and effectiveness,– said Micron Chief Executive
Officer Mark Durcan. –With IM Flash and its associated programs, our companies
have become leaders in the NAND Flash arena. These new agreements build on that
success.–

–The Intel-Micron partnership has created industry-leading NAND Flash memory
technology and developed a robust global manufacturing network. The new NAND
Flash supply agreement with Micron gives Intel better flexibility to meet
growing demand for SSDs and other products,– said Robert Crooke, Corporate Vice
President and General Manager of the Non-Volatile Memory Solutions Group,
Intel.

As part of these agreements, Micron will increase its share of the overall NAND
Flash output and optimize its global manufacturing network by purchasing the
assets of IM Flash Singapore (IMFS) and the IM Flash Technologies (IMFT) assets
in Manassas, Va.

Micron has also agreed to supply Intel with NAND Flash memory from its
facilities. The IMFT joint venture NAND manufacturing facility in Lehi, Utah,
will continue to operate with minimal changes to its existing operations. The
facility is currently in production on the companies– industry-leading 20nm
NAND Flash memory technology. The transaction is expected to close during the
first half of this year, subject to certain conditions.

Intel (Nasdaq:INTC) is a world leader in computing innovation. The company
designs and builds the essential technologies that serve as the foundation for
the world–s computing devices. Additional information about Intel is available
at newsroom.intel.com and blogs.intel.com.

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–scommon stock is traded on the NASDAQ under the MU symbol. To
learn more about Micron Technology, Inc., visit www.micron.com.

The Micron Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6950

(c)2012 Micron Technology, Inc., and Intel Corporation. All rights reserved.
Information is subject to change without notice.

Micron and the Micron logo are trademarks of Micron Technology, Inc. Intel is a
trademark of Intel Corporation or its subsidiaries in the United States and
other countries. All other trademarks are the property of their respective
owners.

This press release contains forward-looking statements related to the timing of
the closing of the transaction between Micron and Intel (the –Companies–)
related to updating their NAND Flash joint venture relationship. Actual events
or results may differ materially from those contained in the forward-looking
statements. Please refer to the documents the Companies file from time to time
with the Securities and Exchange Commission, specifically each of their most
recent Form 10-K and Form 10-Q. These documents contain and identify important
factors that could cause the actual results for each of the Companies to differ
materially from those contained in our forward-looking statements. Although we
believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements.

CONTACT: Chuck Mulloy
Intel Corporation
1-408-765-3484
cmulloy@intel.com

Daniel Francisco
Micron Technology, Inc.
1-208-368-5584
dfrancisco@micron.com
News Source: NASDAQ OMX

28.02.2012 Dissemination of a Corporate News, transmitted by DGAP –
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP–s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

—————————————————————————

Language: English
Company: Micron Technology, Inc.

United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5951121038
WKN:

End of Announcement DGAP News-Service

—————————————————————————

  intel, micron-update-nand-flash-memory-joint-venture