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Toshiba, SanDisk restructure flash joint-venture

Posted on Tuesday, October 21 2008 @ 04:05:00 CEST by

Toshiba and SanDisk announced a restructure of their flash memory-manufacturing joint venture:
SanDisk said it has entered a nonbinding memorandum of understanding with Toshiba to sell approximately 30 percent of the current manufacturing capacity of the parties' joint ventures to Toshiba. "The move will significantly reduce SanDisk's capital spending, further strengthen its balance sheet, and reduce NAND flash memory production commitments," the company said.

SanDisk said it expects to receive cash and reduce equipment lease obligations by approximately $1 billion through the transaction.

Two flash memory fabrication facilities--referred to as Fab 3 and Fab 4--are currently operated by Flash Partners and Flash Alliance, the production joint ventures between Toshiba and SanDisk. Investment in the manufacturing equipment installed at the two fabs is equally shared by Toshiba and SanDisk through the joint ventures, with the same capacity allocated to each company, according to Toshiba.

The "revised allocation" will make Toshiba the sole owner of some 30 percent of the total capacity of the two ventures, Toshiba said. The remaining 70 percent will still be owned by the joint ventures, and the production capacity allocated to them will be divided equally between Toshiba and SanDisk. As a result, Toshiba's overall allocation of capacity in the two fabs will increase by about 30 percent, according to Toshiba.



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