Memory-chip maker Micron Technology announced on Wednesday plans to funnel $3 billion into expanding its Manassas, Virginia plant over the next 12 years – one of the biggest investments in the state’s history.
This will lead to the creation of more than 1,100 high-paying tech jobs for engineers and technicians by 2030, and the Boise, Idaho-based company expects to start hiring immediately. The ramp-up in production of memory chips is partly tied to the U.S. auto industry.
“Think of the automobiles of the future,” Micron CEO Sanjay Mehrotra said during an interview with FOX Business’ Liz Claman.
“They’ll be like data centers on wheels. They will be requiring a lot of data that will have to be processed fast to make for a safe-driving experience on the roads. That’s where we fit in.”
Most of the money will be used to build additional “clean room” space for producing memory chips at Micron’s current factory, Mehrotra noted. He anticipated that construction would be completed in 2020, when they would begin ramping up chip production.
“It’s a very exciting growth segment, one of the fastest-growing segments within the semiconductor industry,” he said.
Micron shares lost nearly 1% on Wednesday closing around $51.83 per share. The stock has gained 27% this year.
|MU||MICRON TECHNOLOGY, INC.||74.22||-2.08||-2.73%|