Borderfree sets terms for Nasdaq IPO
The company acquired a former Intel fab in Kiryat Gat when it bought Numonyx in 2010.
A question mark hangs over the future of the activity of Micron Technology Inc. (MU) in Israel. The company, which has had a presence in Israel since buying Numonix in February 2010, and thereby acquiring a fab in Kiryat Gat that formerly belonged to Intel (Fab 18), has in recent weeks been considering its strategy for 2013, and the possibility of terminating its activity in Israel is on the agenda.
These changes may include extensive layoffs, of perhaps several hundred employees. Micron currently employs about 1,300 people in Israel. The local activity is run by general manager Jonathan Wand.
Micron would not comment on the report.
These layoffs will follow similar moves at other companies in the local hardware industry recently. Freescale and ECI have already announced that they are dismissing hundreds of employees.
When Micron acquired the Kiryat Gat fab two years ago, the company's message was that no significant changes or layoffs would be carried out there.
In the past two years, however, significant changes have occurred at Micron. Its market cap has been eroded, sales have fallen, it posted a loss last year, and its long-term debt continued to pile up. The company's CEO Steve Appleton was killed in a plane crash early this year, and he was replaced by Mark Durcan.
In November, a senior Micron manager visited Israel, and in talks with local managers said that changes were in the offing in the company's activity here. It is hard to estimate how substantial the changes will be. The picture should become clearer by the end of the year. It could be a matter of hundreds of layoffs, or the scrapping or sale of the business in Israel.
The Kiryat Gat fab is considered to be an advanced facility, having been upgraded to production with 45 nanometer technology, and the know-how of the production workers is no trivial matter. It therefore seems probable that the fab will continue to operate in some format, even if Micron decides against maintaining its activity.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
You comment was recieved and soon will be published.
Load more comments
The e-commerce company plans to raise a gross $70-80 million at $14-16 per share.
Teddy Sagi floating SafeCharge on AIM
The online clearing solutions company will reportedly try to raise $100 million in London.
Wibiya founders leave ConduIT, start weight loss co
Dror Ceder, Daniel Tal and Avi Smila left ConduIT two months ago..
XL Media plans London IPO at $100m value
The Israeli gaming marketing company will attempt to raise $30-40 million on the AIM.
mobli first co to list on Nasdaq Private Market
The market allows the company's employees to trade options and shares.
"Home prices driving tech workers overseas"
Leumi deputy CEO Daniel Tsiddon: The rise in home prices in high-tech areas in Israel is costing human capital.
Fintech co Payoneer raises $25m
Susquehanna Growth Equity led the round.
Camtek, AudioCodes set for secondary offerings
Magic Software increased the amount it raised to $58 million, after the underwriters exercised their over-allotment options.
Perion in talks to buy Airpush for $170m - report
"Techcrunch" says Perion is close to acquiring the digital ad company.
Israel is a nanotech nation
206 nanotech start-ups have been founded in the past six years
Ototo promotes public transport on demand
The app uses crowdsourcing to identify demand for passengers and sends a bus.
3D printer maker Stratasys sees growth continuing in 2014
Non-GAAP net profit rose to $82.1 million in 2013 ($1.95 per share) from $59.7 million in 2012.
Elbit Systems invests in nanomaterials co CENS
Cluster Engineered Nano Space (CENS) is in Elbit's Beersheva Incubit incubator.
Ron Lauder invests in Nielsen Innovate incubator
Ron Lauder is investing in the Caesarea incubator through R&R Venture Partners.
Parking app co Pango raises $6.5m
The company will use the proceeds to develop smart parking applications.
Compugen raises $63m, Magic $51m
The two companies held secondary offerings on Nasdaq on the basis of shelf prospectuses.
Varonis doubles on first day on Nasdaq
The company, founded in Israel, provides security solutions.
Amdocs CEO: We strive for 5% annual growth
Eli Gelman fears complacency as the company expands in emerging markets.
Intel Israel development center to remain vital
Intel Israel president Mooly Eden tells "Globes" that Israel remains central to the chip company's plans.
SuperCom share price skyrockets 920%
SuperCom CEO Arie Trabelsi tells "Globes" how he has turned around the identity solutions company.
IMI enters cyber security arena
As privatization approaches, Israel Military Industries bets on a market with enormous growth potential.
Wanted: Arts majors for high-tech
Technology companies are looking for creativity, flexibility, and the ability to think outside the box.
2013 boom year for Israeli high-tech
In the first half of the year, there was a 52% rise in demand for mobile and web developers, and salaries are up as well.
CyberArk reboots network security
CEO Udi Mokady: Media reports on electronic surveillance make explaining our product unnecessary.
Architect Eli Attia: Google stole my life's work
Eli Attia has developed an innovative building design and construction concept that Google sees generating $120 billion annually.