TOKYO (dpa-AFX) - Kioxia Holdings Corp. (285A.T, KXIAY), on Thursday announced plans to invest with Sandisk Corp. (SNDK, SNDK.TO) more than $31 billion in Japan through 2032, subject to government support.
The companies said the investments will strengthen their longstanding joint venture.
The investments will also support the growing demand for NAND flash memory driven by AI and data-intensive applications.
The planned investments will support infrastructure expansion at the Yokkaichi and Kitakami plants, along with related technology and infrastructure.
Kioxia and Sandisk each committed to driving multi-year bit growth and maintaining stable supplies of flash memory to meet customer demand.
The companies have invested more than $50 billion in Japan over the past 25 years through their joint venture.
In January, Kioxia and Sandisk announced an extension of their joint venture framework at Kioxia's Yokkaichi Plant through December 2034.
On Wednesday, Kioxia Holdings closed trading 5% higher at JPY 52,500 on the Tokyo Stock Exchange.
In the pre-market trading, Sandisk is 4.41% higher at $1,568 on the Nasdaq.
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