Intel and Micron Renew IMFT Agreement

Intel and Micron’s agreement to co-develop and manufacture memory in a partnership known as IMFT has been extended through 2024. Micron’s acquisitions include increased shareholding.

Both companies would, among other things, develop and market new memory types. For example, the joint venture Intel Micron Flash Technologies would work on phase change memory. Also, the development of nand-flash used in solid state drives and USB memory is further reduced and the same applies to dram. Micron’s May 2010 acquisition of memory manufacturer Numonyx and Intel’s previous research would provide the joint venture with the knowledge to develop PCM.

Micron and Intel have extended the term of their partnership to 2024, and Intel has already paid $300 million for future nand products. Micron, in turn, has borrowed $65 million from Intel: it is unknown what that money is for. Micron may have used that amount to buy out Intel’s remaining 18 percent ownership of IMFT’s manufacturing facilities in Singapore and Virginia: that manufacturing capacity is now fully owned by Micron.

The joint factory in the US state of Utah will continue to supply both Intel and Micron with chips: the division between the two companies remains unchanged. Intel will receive 49 percent of the chips produced and Micron 51 percent.