WASHINGTON (dpa-AFX) - U.S. memory chipmaker Micron Technology, Inc. (MU) announced on Tuesday that it has invested in materials manufacturer Indium Corp. to expand critical minerals processing capabilities in New York and secure supplies for semiconductor production. Financial terms of the investment were not disclosed.
Micron said the investment would support the expansion of Indium's refining and high-purity materials manufacturing operations in Rome, New York, helping restart domestic processing of critical minerals used in advanced semiconductor manufacturing.
The companies also entered into a long-term supply agreement that will provide Micron access to high-purity minerals produced by Indium.
Micron said the agreement forms part of its previously announced plan to invest up to $3 billion to strengthen the U.S. semiconductor supply-chain ecosystem and secure domestic sources of critical manufacturing materials.
The company said the investment is expected to reduce reliance on concentrated global refining capacity and support a more resilient U.S. semiconductor supply chain.
Micron added that the agreement complements its plans to invest more than $250 billion in U.S. manufacturing and technology through 2035, including development of its semiconductor fabrication complex in New York.
In pre-market activity on the Nasdaq, shares of Micron were down 2.81 percent, changing hands at $879.51, after closing Monday's regular session 2.97 percent higher.
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