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Qimonda closes Inotera share deal with Micron
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Qimonda AG has said that it has received the agreed second tranche of US$200 million in cash from Micron Technology for its share of Inotera Memories, which was originally announced in October, 2008. Other customary closing conditions have been fulfilled, Qimonda said. Qimonda took a €300 million book loss on the transaction.
"The sale of our stake in Inotera is an important component of our restructuring program, providing us with a cash influx to support our restructuring and productivity improvement measures," said Kin Wah Loh, Chief Executive Officer of Qimonda AG. "In addition, the ramp down of Inotera reduces exposure to the PC market and related cash burn."
Qimonda’s current share of Inotera’s DRAM output is to be ramped down over an eight month period following the closing. Also technology development agreement between Qimonda and Nanya on its 58nm trench technology has ended.