Micron to Acquire Elpida Memory

Micron Technology Inc. agreed to acquire troubled Japanese rival Elpida Memory Inc. for $2.5 billion, in a move that will allow the U.S. chip maker to grow its portfolio of memory products and become more competitive against rivals in South Korea and Taiwan.

Elpida, Japan’s only maker of dynamic random access memory chips widely used in personal computers, filed for bankruptcy protection in Japan in late February, becoming the latest DRAM maker to succumb under pressure from a slump in demand that has put many manufacturers in losses for more than a year. Micron became Elpida’s financial sponsor in May after the company filed for bankruptcy protection.

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