Micron to invest $15 billion to build memory manufacturing factory in Idaho

Micron Technology announced plans Thursday to invest about $15 billion in a new memory chip manufacturing facility in the city where it is headquartered.

According to a press release from Micron, the chip maker will invest the funds through the end of the decade to build the new plant at the company’s headquarters in Boise, Idaho.

It will be the “first new memory manufacturing fab built in the US in 20 years,” the company said.

By the end of the decade, the new factory will create over 17,000 jobs in the US, including about 2,000 at Micron, the chip maker estimated in the release.

MICRON CEO SAYS CHIP SHORTAGE IMPROVING, BUT COULD LAST INTO 2023

“We thank President Biden, Secretary of Commerce Raimondo, Secretary of Defense Austin, the Biden-Harris administration and members of Congress for the bipartisan support of the CHIPS and Science Act, which made this investment decision possible,” Sanjay Mehrotra, president and CEO of Micron, said in a statement.

Micron CEO Sanjay Mehrotra (FOX Business)

President Biden signed the CHIPS and Science Act into law in early August. The legislation allocates over $52 billion for domestic semiconductor research, development, manufacturing and workplace development and provides tax credits to encourage investments in chip manufacturing.

ticker Security last Change Change %
M.U MICRON TECHNOLOGY INC. 56.33 -0.98 -1.71%

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Micron said in August it would invest $40 billion through the end of the decade to expand domestic memory manufacturing, part of its pledge to invest more than $150 billion globally over the next decade for memory manufacturing and research and development.

Leave a Comment

Your email address will not be published.

%d bloggers like this: