San Jose, CA and Boise, ID, April 10, 2003 – Cypress Semiconductor Corporation (NYSE: CY) and Micron Technology, Inc. (NYSE: MU) announced today the execution of a sale and purchase agreement pursuant to which Micron will transfer its high-performance communications oriented synchronous SRAM product inventory to Cypress. Micron recently decided to phase out production of synchronous SRAM products at its worldwide operations. To support customers through this transition, Micron is transferring its synchronous SRAM inventory to another quality supplier well positioned to service customers’ SRAM product needs.
In announcing the transaction, Jan du Preez, Micron’s Vice President of Networking and Communications stated, “We believe this agreement provides the best long-term solution for our customers. It gives our customers an uninterrupted supply of SRAM devices from a world-class supplier while allowing Micron to redirect resources and focus on our higher volume semiconductor products.”
“Cypress is working closely with Micron to provide continuity of all customer support aspects,” said Antonio R. Alvarez, Senior Vice President for Cypress’s Memory Products Division. “We want to ensure that all of our customers’ concerns are addressed in a proactive manner. This transaction is consistent with Cypress’s strategy to serve the communications marketplace and complements our existing position in synchronous SRAMs. Being the number two SRAM supplier in the world, Cypress is well positioned to provide full support to Micron’s customers, ensuring a smooth, uninterrupted transition between the two companies.”
About Cypress Semiconductor Corporation
Cypress Semiconductor Corporation (NYSE: CY) is Connecting from Last Mile to First Mile™ with high-performance solutions for personal, network access, enterprise, metro switch, and core communications-system applications. Cypress Connects™ using wireless, wireline, digital, and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet, and DWDM. Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions, and programmable microcontrollers. More information about Cypress is accessible online at www.cypress.com.
About Micron Technology
Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, Flash memory, CMOS image sensors, other semiconductor components and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit its web site at www.micron.com.