Tuesday, November 19, 2002
Hitachi Ltd. today confirmed reports that it and NEC Corp. will invest about $365 million (44 billion yen) into Elpida Memory Inc., their 50/50 chip venture, by the end of March 2003.
According to a Hitachi spokesperson, the venture will continue to be divided equally, with about $182.5 million coming from each of Elpida's parent companies.
Elpida, who continues to rely on Hitachi and NEC for foundry services, will use half of the $365 million to raise its capital to $549 million (66.5 billion yen) from $367 million (44.5 billion yen) as of Q3, and the other half to push up its capital reserves to $243 million (29.5 billion yen) from $62 million (7.5 billion yen), Hitachi said.
NEC could not be reached for comment.
By: DocMemory
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