Elpida Memory Secures Financing for Expanded Production Capacity
TOKYO, October 28, 2003 - Elpida Memory, Inc. (Elpida), Japan's leading global supplier of Dynamic Random Access Memory (DRAM), today announced that it expects to have its fundraising efforts for increased production capacity completed by early November 2003.
Elpida expects to raise approximately 170 billion Yen, 66 billion of which is equity and 100 billion of which is leases and other debt. Major investors include Elpida's parent companies, NEC and Hitachi, strategic investors such as Intel Capital and Kingston Technology, a government-affiliated financial institution, the Development Bank of Japan (DBJ), as well as other investors.
Elpida plans to utilize the financing to ramp up production capacity at its state-of-the-art 300 mm wafer fabrication facility in Hiroshima. The investments will allow Elpida to meet its fiscal year 2003 production target of 16,000 wafers per month, and further expand future production to 21,000 wafers per month. Elpida's increased 300 mm capacity will further accelerate commercialization for both next-generation DDR2 SDRAM and application-specific DRAM products for mobile phones and digital consumer appliances.
About Elpida Memory, Inc.
Elpida Memory, Inc. is a manufacturer of Dynamic Random Access Memory (DRAM) with headquarters based in Tokyo, Japan, and sales and marketing operations located in Japan, North America, Europe and Asia. Elpida offers a broad range of leading-edge DRAM products. Elpida is a joint venture company formed by NEC and Hitachi on December 20, 1999 and has been in operation since April 2000.
About Development Bank of Japan
The Development Bank of Japan (DBJ) was established based on the Development Bank of Japan Law on October 1, 1999, as the successor to all rights and obligations of the Japan Development Bank and the Hokkaido-Tohoku Development Finance Public Corporation. Lately, DBJ focuses on assisting efforts serving a structural reform of the Japanese economy including corporate restructuring and industry revitalization. Information on DBJ is available at its Website: http://www.dbj.go.jp/english/.
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Information in this news release is current as of the timing of the release, but may be revised later without notice.