Micron to invest $15 billion in new manufacturing unit in Idaho

The main entrance to Micron corporate headquarters in Boise, Idaho, February 3, 2012. REUTERS/Brian Losness /File Photo

Register now for FREE unlimited access to Reuters.com

Sept 1 (Reuters) – Micron Technology Inc (MU.O) said on Thursday it will invest about $15 billion over the next 10 years in a new memory-chip manufacturing facility in Boise, Idaho, where it is based.

The investment takes into account anticipated federal grants and credits under the CHIPS and Science Act and will create 17,000 jobs by the end of the decade.

President Joe Biden last month signed a bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research and to boost efforts to make the country more competitive. read more

The capacity expansion comes at a time of weakness in the memory chip market. Micron lowered its fourth-quarter revenue forecast, while peer Seagate Technology Holdings (STX.O) has cut its first-quarter expectations.

Micron has announced plans to invest $40 billion through the end of the decade to build memory manufacturing facilities in multiple phases in the country.

Register now for FREE unlimited access to Reuters.com

Reporting by Yuvraj Malik and Akash Sriram in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles.

Leave a Reply

Your email address will not be published. Required fields are marked *