Micron Announces Investment in its Semiconductor Manufacturing Plant in Manassas, Virginia
August 29 2018 - 1:15PM
Micron Technology, Inc., (NASDAQ:MU) today announced plans to
invest $3 billion by 2030 to increase memory production at its
plant in Manassas, Virginia, creating 1,100 new jobs roughly over
the next decade. These investments are contemplated in Micron’s
long-term model to invest capital expenditure in the low thirties
as a percent of revenue. The expansion will position the Manassas
site — located about 40 miles west of Washington, D.C. — to support
Micron’s leadership in the rapidly growing market for high quality,
high reliability memory products.
“Micron’s Manassas site manufactures our long-lifecycle products
that are built using our mature process technologies, and primarily
sold into the automotive, networking and industrial markets,” said
Micron President and CEO Sanjay Mehrotra. “These products support a
diverse set of applications such as industrial automation, drones,
the IoT (Internet of Things) and in-vehicle experience applications
for automotive. This business delivers strong profitability and
stable, growing free cash flow. Micron is grateful for the
extensive engagement of state and local officials since early this
year to help bring our Manassas expansion to fruition. We are
excited to increase our commitment to the community through the
creation of new highly skilled jobs, expanded facilities and
education initiatives.”
“Micron's expansion in the City of Manassas represents one of
the largest manufacturing investments in the history of Virginia
and will position the Commonwealth as a leader in unmanned systems
and Internet of Things,” said Governor Northam. “This $3 billion
investment will have a tremendous impact on our economy by creating
1,100 high-demand jobs, and solidifies Micron as one of the
Commonwealth's largest exporters. We thank Micron for choosing to
deepen their roots in Virginia and look forward to partnering in
their next chapter of major growth.”
The initial clean room expansion is expected to be completed in
the fall of 2019 with production ramp in the first half of 2020.
This expansion will add less than 5% to Micron’s global clean room
space footprint and will primarily support enablement of DRAM and
NAND technology transitions as well as modest capacity increase at
the site, in-line with growing customer demand for Micron’s
long-lifecycle products.
“As a leading global supplier of automotive electronics systems
and components, ZF appreciates the long-standing support of Micron
to our business,” said Karsten Mueller, vice
president, Corporate Materials Management, Global
Commodity Electronics at ZF Friedrichshafen AG. “Meeting the
ever-increasing demands for automotive applications will require
significantly greater memory as the dual trends of advanced safety
and autonomy drive the industry forward. Micron’s
decision to expand the manufacturing and R&D capabilities at
this IATF-certified facility is another indication that this growth
should only accelerate in the future."
As part of this expansion, Micron will also establish a global
research development center in Manassas for the development of
memory and storage solutions focused mainly on the automotive,
industrial and networking markets. The research and development
center will include laboratories, test equipment and a staff of
approximately 100 engineers.
The Virginia Economic Development Partnership (VEDP) worked with
the City of Manassas and the General Assembly’s Major Employment
and Investment (MEI) Project Approval Commission to secure the
project for Virginia. Micron will be eligible to receive an MEI
custom performance grant of $70 million for site preparation and
facility costs, subject to approval by the Virginia General
Assembly. Additionally, the City of Manassas and utility partners
are providing a broader, comprehensive support package to enable
the expansion, including substantial infrastructure upgrades and
additional incentives.
Related News: Micron Foundation
Establishes $1 Million Fund for Virginia Colleges and Universities
to Advance STEM and STEM-related Diversity Programs
About Micron Technology, Inc.We are an industry
leader in innovative memory and storage solutions. Through our
global brands — Micron®, Crucial® and Ballistix® — our broad
portfolio of high-performance memory and storage technologies,
including DRAM, NAND, NOR Flash and 3D XPoint™ memory, is
transforming how the world uses information to enrich
life. Backed by 40 years of technology leadership, our
memory and storage solutions enable disruptive trends, including
artificial intelligence, machine learning, and autonomous vehicles,
in key market segments like cloud, data center, networking and
mobile. Our common stock is traded on the NASDAQ under the MU
symbol. To learn more about Micron Technology, Inc.,
visit www.micron.com.
Micron Media Relations ContactDavid OroMicron
Technology, Inc.+1 (707) 558-8585davidoro@micron.com
Micron Investor Relations ContactFarhan
Ahmad Micron Technology, Inc. +1 (408)
834-1927farhanahmad@micron.com
©2018 Micron Technology, Inc. All rights reserved. Information,
products, and/or specifications are subject to change without
notice. All information is provided on an "AS IS" basis
without warranties of any kind. Any dates are estimates only.
Micron, the Micron logo, and all other Micron trademarks are the
property of Micron Technology, Inc. All other trademarks are the
property of their respective owners.
Micron Technology (NASDAQ:MU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Micron Technology (NASDAQ:MU)
Historical Stock Chart
From Apr 2023 to Apr 2024