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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: matt dillabough who wrote (16613)	11/21/2005 10:21:57 AM
From: Proud_Infidel	Respond to of 25522

Intel, Micron Form Company to Make Flash Memory Chips (Update1) Nov. 21 (Bloomberg) -- Intel Corp. and Micron Technology Inc. agreed to form a new company to make some kinds of flash memory, tapping growing demand for chips used in products such as Apple Computer Inc.'s iPod music player. Intel, the world's biggest computer-chip maker, and memory- chip maker Micron will contribute $1.2 billion each in cash, notes and assets initially. The venture will be called IM Flash Technologies LLC, according to a statement today. The decision marks Santa Clara, California-based Intel's entrance into the market for this type of flash, which is growing twice as fast as the type of memory Intel currently builds for mobile phones. Micron benefits from Intel's manufacturing prowess. The company will be 51 percent owned by Boise, Idaho-based Micron and 49 percent owned by Intel. They will each contribute an additional $1.4 billion over the next three years. Initial production is expected in early 2006. Intel and Micron each entered into separate long-term agreements to supply Apple with a significant portion of each of their share of IM's output. Apple will prepay $250 million each to Intel and Micron. Micron shares, up 15 percent this year, rose 31 cents to $14.49 at 9:32 a.m. in New York Stock Exchange composite trading. Intel rose 8 cents to $25.38 in Nasdaq Stock Market trading. The stock has risen 8.2 percent this year.