UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
October
9, 2008
Date of
Report (date of earliest event reported)
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MICRON
TECHNOLOGY, INC.
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(Exact
name of registrant as specified in its
charter)
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Delaware
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1-10658
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75-1618004
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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8000
South Federal Way
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Boise,
Idaho 83716-9632
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(Address
of principal executive offices)
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(208)
368-4000
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(Registrant’s
telephone number, including area code)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4c))
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Item
2.05.
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Costs
Associated with Exit or Disposal
Activities.
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On October 9, 2008, the Micron
Technology, Inc. (the “Company”) announced a plan to restructure its memory
operations in response to the challenging global environment for technology
products. As a part of the restructure plan, the Company and its NAND
Flash memory joint venture partner, Intel Corporation, have agreed to shutdown
production of NAND Flash from the Company’s 200mm wafer fabrication facility in
Boise, Idaho. The Company plans to reduce its global workforce by
approximately 15 percent during the next two years.
The Company expects cash costs
associated with the restructure plan to approximate $60 million, and the
resulting annual benefit to cash operating margin to approximate $175
million. The Company anticipates incurring restructure charges at
least through the remainder of fiscal 2009, but is unable to estimate the
aggregate amount of the charges.
The Company’s press release related to
the restructuring is attached as Exhibit 99.1 to the Current Report of Form
8K.
This
Current Report on Form 8-K contains forward-looking statements regarding future
restructure charges. Actual events or results may differ materially from those
contained in the forward-looking statements. Please refer to the documents the
Company files on a consolidated basis from time to time with the Securities and
Exchange Commission, specifically the Company's most recent Form 10-K and Form
10-Q. These documents contain and identify important factors that could cause
the actual results for the Company on a consolidated basis to differ materially
from those contained in our forward-looking statements (see Certain Factors).
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 report to conform to actual
results.
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Item
9.01.
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Financial
Statements and Exhibits.
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(d) Exhibits.
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The
following exhibit is filed
herewith:
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Exhibit No.
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Description
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99.1
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Press
Release issued on October 9, 2008
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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MICRON
TECHNOLOGY, INC.
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Date:
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October
14, 2008
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By:
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/s/
Steven R. Appleton
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Name:
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Steven
R. Appleton
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Title:
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Chairman
and Chief Executive Officer
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INDEX
TO EXHIBITS FILED WITH
THE
CURRENT REPORT ON FORM 8-K DATED OCTOBER 9, 2008
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Exhibit
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Description
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99.1
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Press
Release issued on October 9, 2008
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EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
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Contacts:
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Kipp
A. Bedard
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Daniel
Francisco
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Investor
Relations
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Media
Relations
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kbedard@micron.com
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dfrancisco@micron.com
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(208)
368-4400
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(208)
368-5584
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MICRON
TECHNOLOGY TO RESTRUCTURE MEMORY OPERATIONS
BOISE, Idaho, Oct. 9, 2008 –
In response to a challenging global environment for technology
products, Micron Technology, Inc., today announced a restructuring of
its memory operations.
The combination of declining customer
demand and product oversupply in the marketplace has driven selling prices for
NAND flash memory significantly below manufacturing costs, particularly for 200
millimeter (mm) manufacturing lines. As a result, IM Flash Technologies (IMFT),
a joint venture between Micron and Intel Corporation, will discontinue the
supply of NAND flash memory from Micron’s Boise facility. The NAND operation
shutdown will reduce IMFT’s NAND flash production by approximately 35,000 wafers
(200mm) per month.
As part of the restructuring, Micron
plans to reduce its global workforce by approximately 15 percent during the next
two years. The majority of the workforce reductions, which will begin with a
voluntary program, will occur in Boise as a result of the NAND operation
shutdown. Micron is committed to assisting employees affected by the workforce
reductions and is providing severance and outplacement services.
“Micron is in a strong position
relative to our competitors, as evidenced by our balance sheet and cash flow,
but we are not immune to the difficult global market conditions that are
affecting us all,” said Steve Appleton, Micron Chairman and CEO. “Operation
shutdowns and related workforce reductions are always painful, but we are
pursuing these actions to maintain the competitiveness of the
company.”
Cash restructuring and other related
expenses are anticipated to be approximately $60 million, and the next year’s
cash operating margin benefit is expected to exceed $175 million.
About
Micron
Micron Technology, Inc. is one of the
world's leading providers of advanced semiconductor solutions. Through its
worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory,
CMOS image sensors, other semiconductor components, and memory modules for use
in leading-edge computing, consumer, networking, and mobile products. Micron's
common stock is traded on the New York Stock Exchange (NYSE) under the MU
symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
###
Micron
and the Micron orbit logo are trademarks of Micron Technology, Inc. All other
trademarks are the property of their respective owners.
This
press release contains forward-looking statements regarding reductions in NAND
production levels, the number of employees affected by the restructuring of the
Company’s memory operations, cash restructuring and other related expenses and
the next year’s cash operating margin benefit. Actual events or results may
differ materially from those contained in the forward-looking statements. Please
refer to the documents the Company files on a consolidated basis from time to
time with the Securities and Exchange Commission, specifically the Company's
most recent Form 10-K and Form 10-Q. These documents contain and identify
important factors that could cause the actual results for the Company on a
consolidated basis to differ materially from those contained in our
forward-looking statements (see Certain Factors). 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 report to conform to actual
results.