BOISE, Idaho and LANDSHUT, Germany, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:MU) and LFoundry today announced that the companies have entered into agreements for LFoundry to acquire Micron Technology Italia, Srl. and all of its semiconductor fabrication facility assets in Avezzano, Italy.
Under the agreements, Micron will assign to LFoundry its four-year supply agreement with Aptina to manufacture image sensors at the 200 millimeter Avezzano facility. Micron will also grant LFoundry a restricted technology license. Specific financial terms of the transaction, which is expected to close later this spring, were not disclosed.
"The manufacturing capabilities of Micron's fab in Avezzano, Italy, together with our own existing fab and technologies, make this a winning combination and an important part of our strategic goal in building LFoundry's business into a premier analog mixed signal and specialty foundry partner for our customers," said LFoundry CEO Günther Ernst.
"This transaction provides a long-term bridge toward a successful future for the Avezzano facility," said Micron CEO Mark Durcan. "The transaction not only preserves the facility and jobs in Avezzano, but it also supports a stable and long-term wafer supply for Aptina, further enhancing the value of Micron's equity holdings in Aptina."
LFoundry is a semiconductor specialty foundry based in Germany and France. More information can be found at http://www.lfoundry.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's common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
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This press release contains forward-looking statements regarding the expected timing of the closing of the transaction. Various factors could cause actual events or results to differ materially from those anticipated by the forward-looking statements. Please refer the Risk Factors section of our most recently filed Form 10-K and Form 10-Q for information on important factors that could cause the actual results for Micron on a consolidated basis 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.
Source:Micron Technology, Inc.