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
February 18, 2003
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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001-10658 |
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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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Item 5. Other Events.
Filed as an exhibit hereto is the registrant’s press release, dated February 18, 2003, announcing the registrant’s cost reduction initiatives.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are 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 February 18, 2003. |
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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: |
February 20, 2003 |
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By: |
/s/ Wilbur G. Stover, Jr. |
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Name: |
Wilbur G. Stover, Jr. |
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Title: |
Vice President of Finance and |
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Chief Financial Officer |
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INDEX TO EXHIBITS FILED WITH
THE CURRENT REPORT ON FORM 8-K DATED February 20, 2003
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Exhibit |
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Description |
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99.1 |
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Press Release issued on February 18, 2003. |
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Contact: |
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David T. Parker |
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Micron Technology, Inc. |
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(208) 368-4400 |
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dtparker@micron.com <mailto:dtparker@micron.com> |
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Web site URL: www.micron.com |
MICRON TECHNOLOGY ANNOUNCES COST REDUCTION INITIATIVES
Boise, ID, February 18, 2003, Micron Technology, Inc., (NYSE: MU) announced today a series of cost-reduction initiatives to further capitalize on the Company’s aggressive migration to .11 micron manufacturing process technology. The initiatives include increasing the Company’s focus on products utilizing its latest generation process technology and lowering costs and expenses.
To meet corporate goals intended to strengthen the Company, reduce costs, and position the Company for growth and profitability, the following actions are planned:
- Increasing focus on products strategically aligned to utilize Micron’s leading-edge process technology.
- Prioritizing Micron’s product portfolio to better emphasize those products with the greatest market opportunity.
- Aligning Micron’s cost structure with current market conditions.
- Reducing worldwide workforce levels by approximately 10%.
In commenting on the Company’s cost reduction measures, Micron’s Chief Executive Officer and President, Steve Appleton, said, “We remain committed to the long-term growth opportunities for our Company and our industry. These actions will lower our cost structure, allow us to better focus our product portfolio, and continue to invest in new technology.”
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