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Originally published June 17, 2011 at 10:00 AM | Page modified February 3, 2012 at 11:55 AM
Micron Technology: Fighting its way back in tough chip industry
Micron suffered in the Great Recession as prices for semiconductors fell, including for its dynamic random-access memory chips (DRAMs). They have staged an uneven recovery as revenue has rebounded.
Special to The Seattle Times
DARIN OSWALD / IDAHO STATESMAN
Micron, led by CEO Steve Appleton, is seeing results from IM Flash Technologies, a partnership it formed with Intel in 2006.
Founded: 1978
Headquarters: Boise, Idaho.
Major operations: Wafer-fabrication plants in seven locations, including two in the U.S. Four assembly and test operations and four memory module assembly plants, including in Boise
CEO: Steve Appleton
Employees: 25,900
Major products/services: One of the world's leading semiconductor companies, making dynamic random-access memory and flash memory chips used in computers, networking and servers
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Micron Technology works the rough neighborhood of the semiconductor industry, where cycles are harsh, competition always ferocious and today's breakthrough can become tomorrow's commodity chip.
That didn't keep the Boise company from topping the Best of the Northwest for the first time for its 1994 performance, the first Idaho company to do so. It repeated as No. 1 the next year.
Micron was founded in 1978, backed by potato mogul J.R. Simplot, went public in 1984 and has become one of the world's leading semiconductor companies.
In this issue, Micron is back, with sales growing more than 76 percent last year, while total profit came in at No. 3. With 25,900 workers, it ranked 7th among the region's largest employers.
Micron suffered in the Great Recession as prices for semiconductors fell, including for its dynamic random-access memory chips (DRAMs). Shares plunged from $18 in the fall of 2007 to $2 near the end of 2009. Since 2010, they have staged an uneven recovery as revenue has rebounded. Micron's stock was among the year's biggest losers.
A partnership with Intel formed in 2006 is yielding results. IM Flash Technologies recently announced a new flash memory processor aimed at tablets and smartphones that requires less space in the device. In April, IM expanded its $3 billion plant in Singapore to make the devices; it's expected to employ 1,200 as production is ramped up. It also expanded its operations in Xian, China, with a 400,000-square-foot test and module assembly building.
Last year, Micron also set up a joint venture with Origin Energy of Australia to develop solar-power technology.
According to a recent report by Deutsche Bank, Micron is enjoying strong prices for its specialty products, as well as a "modest improvement" in the more volatile DRAM chips.
Even so, its hard to win Wall Street's love. Deutsche Bank lists the stock as a hold — better than a sell, but not a buy. JPMorgan recently started covering Micron. Its rating: Neutral.
You may reach Jon Talton at jtalton@seattletimes.com
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