By the time Micron Technology hightails it out of Utah for good later this year, the company expects to do so with an extra $1.5 billion in its bank account.
According to a Texas Instruments news release published on Wednesday, TI plans to purchase Micron’s Lehi, Utah-based semiconductor plant for $900 million, with the transaction expected to close before January 1, 2022.
However, Micron’s own news release further explained that in addition to the sale of its “fab” in Lehi, it also expects to sell “select tools and other assets” to unnamed buyers for an additional $600 million.
As reported earlier this year in the March 19 edition of Deseret Business Watch, Micron’s entrée into Utah began in November 2005 when
“… two of the leading semiconductor companies on the planet — Intel and Micron — shocked Utah and much of the technology world when they announced a joint venture named IM Flash Technologies and plans to build a state-of-the art fabrication plant in the northern foothills of Lehi.
“Terms of the JV saw Micron with a 51% ownership position and Intel at 49%, with a total financial commitment between them of $5.2 billion.”
Over the years, Micron and Intel (and then Micron on its own) have poured billions of dollars into Lehi and the economy of the State of Deseret.
But … those days are coming to an end, at least for Micron.
For its part, however, TI apparently plans to
“… offer all Lehi site team members the opportunity to become employees upon the closing of the sale.”
That’s good news, especially for those employees and their families/loved ones.
So good luck Micron, and a hearty “Welcome to Utah” Texas Instruments.
NOTE: This article is part of longer article originally published by Deseret Business Watch. A few minor editorial changes have been made with this version to better match the current Silicon Slopes writing style. Additionally, the publish date has been changed to match the dates the TI and Micron announcements were made: June 30, 2021.