MICRON TECHNOLOGY, INC. (NASDAQ:MU) Files An 8-K Other Events
Item 8.01.
On May 3, 2019, Micron Technology, Inc. (\”Micron\”) received notice from Intel Corporation (\”Intel\”) that the closing for the sale of Intel\’s noncontrolling interest in IM Flash Technologies, LLC (\”IMFT\”) to Micron will occur on October 31, 2019. At closing, Micron expects to pay Intel approximately $1.3 billion to $1.5 billion in cash for Intel’s noncontrolling interest in IMFT and IMFT member debt owed to Intel and recognize a GAAP financial gain of approximately $100 million. As of the end of Micron’s second quarter of fiscal 2019, IMFT member debt owed to Intel was $1 billion.
This current report contains forward-looking statements regarding the purchase price Micron will pay for Intel\’s noncontrolling interest in IMFT, the gain Micron expects to recognize, and the date of the closing. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. 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. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
About MICRON TECHNOLOGY, INC. (NASDAQ:MU)
Micron Technology, Inc. is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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