19.02.2008 08:00:00
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Toshiba and SanDisk to Expand NAND Flash Memory Production with Construction of New Advanced Fabrication Facility in Japan
Toshiba Corporation and SanDisk® (NASDAQ:SNDK)
today announced that they have signed a non-binding memorandum of
understanding to form a new production joint venture and construct a new
300 millimeter (mm) wafer fab in Japan to build on and further their
industry-leading positions and meet the anticipated future demand for
NAND flash memory. The two companies will now select the plant site,
targeting a production start-up date in 2010. This latest announcement
underscores the commitment of Toshiba and SanDisk to the rapidly
expanding market for NAND flash memory, which has become the storage
technology of choice for a growing number of consumer and computing
devices, including memory cards.
Fifty percent of the new fab’s production
capacity will be allocated to the new joint venture. Within the joint
venture the parties will equally share wafer output and funding for the
equipment. The remaining 50% of the Fab’s
production capacity will be managed by Toshiba and half of the output
will be provided to SanDisk on a committed foundry basis. The agreement
provides SanDisk an option to convert its committed foundry capacity
into the joint venture or to convert to a non-committed foundry
arrangement. Construction of the new facility is expected to start in
calendar year 2009.
Commenting on the new facility, Mr. Shozo Saito, Corporate Senior Vice
President of Toshiba Corporation and President & CEO of Toshiba’s
Semiconductor Company, said, "NAND flash
memory is enjoying rapid growth and is expected to expand with new
applications in coming years. Toshiba is committed to support such
growth of NAND flash memory through continued proactive capital
investments in production capacity and advanced process technology. The
new fab will build on the strong record of success we have achieved with
SanDisk in flash memory product development and production, and further
strengthen our partnership.”
Dr. Eli Harari, Chairman and Chief Executive Officer of SanDisk, said, "We
are very pleased with the financing structure in the new agreement which
maintains our guaranteed 50% of the capacity output while reducing
substantially our capital expenditure commitments for funding the new
fab NAND manufacturing equipment. We believe this will allow us to meet
our forecasted customer needs in 2010 and beyond, while freeing up cash
flow for investments in new products and in growth markets. This
substantial undertaking by Toshiba and SanDisk demonstrates our
confidence in the continued future success of the strong partnership
between our two companies.”
Toshiba and SanDisk expect to sign a definitive agreement later in 2008.
About Toshiba Corporation
Toshiba Corporation is a leader in the development and manufacture of
electronic devices and components, information and communication
systems, digital consumer products and power systems. The company’s
ability to integrate wide-ranging capabilities, from hardware to
software and services, assure its position as an innovator in diverse
fields and many businesses. In semiconductors, Toshiba continues to
promote its leadership in the fast growing system LSI market and to
build on its world-class position in NAND flash memories, analog devices
and discrete devices. Visit Toshiba’s website
at www.toshiba.co.jp/index.htm About SanDisk
SanDisk Corporation, the inventor and world’s
largest supplier of flash storage cards, is a global leader in flash
memory - from research, manufacturing and product design to consumer
branding and retail distribution. SanDisk’s
product portfolio includes flash memory cards for mobile phones, digital
cameras and camcorders, digital audio/video players, USB flash drives
for consumers and the enterprise, embedded memory for mobile devices,
and solid state drives for computers. SanDisk (www.sandisk.com/corporate)
is a Silicon Valley-based S&P 500 company, with more than half its sales
outside the United States.
Toshiba Disclaimer:
This press release contains forward-looking statements concerning future
plans, strategies and the performance of Toshiba Group. These statements
are based on management’s assumptions and
beliefs in light of the economic, financial and other data currently
available. Furthermore, they are subject to a number of risks and
uncertainties. Toshiba therefore wishes to caution readers that actual
results may differ materially from our expectations. Major risk factors
that may have a material influence on results are indicated below,
though this list is not necessarily exhaustive.
• Disputes including lawsuits in Japan and
other countries
• Success or failure of alliances or joint
ventures promoted in collaboration with other companies;
• Success or failure of new businesses or R&D
investment;
• Changes in political and economic
conditions in Japan and abroad; unexpected regulatory changes;
• Major disasters, including earthquakes and
typhoons;
• Rapid changes in the supply/demand
situation in major markets and intensified price competition;
• Significant capital expenditure for
production facilities and rapid changes in the market;
• Changes in financial markets, including
fluctuations in interest rates and exchange rates.
SanDisk Forward-Looking Statements
This press release contains certain forward-looking statements,
including statements about each company’s
business outlook, technological advancements, investments, construction
timetables, production schedules and output and effects on financial
performance, new markets and customers, supply and demand, and sales
that are based on each company’s current
expectations and involve numerous risks and uncertainties that may cause
these forward-looking statements to be inaccurate and may significantly
and adversely affect each company’s business,
financial condition and results of operations. For SanDisk, these risks
and uncertainties are discussed in detail under the title ”Risk
Factors” and elsewhere in SanDisk’s
Securities and Exchange Commission filings and reports, including, but
not limited to, its Annual Report on Form 10-K for the fiscal year ended
December 31, 2006 and its Forms 10-Q.
SanDisk is a trademark of SanDisk Corporation, registered in the
United States and other countries.
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