Micron Invests in its Manufacturing Plant in Manassas, Virginia
Proposed Expansion Represents $3 Billion in Capital Investment and 1,100 Jobs by 2030
On Aug. 29, 2018, Micron announced plans to invest $3 billion by 2030 to increase memory production at its plant in Manassas, Virginia, creating 1,100 new jobs roughly over the next decade. These investments are contemplated in Micron’s long-term model to invest capital expenditure in the low thirties as a percent of revenue. The expansion will position the Manassas site — located about 40 miles west of Washington, D.C. — to support Micron’s leadership in the rapidly growing market for high quality, high reliability memory products.
“Micron’s Manassas site manufactures our long-lifecycle products that are built using our mature process technologies, and primarily sold into the automotive, networking and industrial markets,” said Micron President and CEO Sanjay Mehrotra. “These products support a diverse set of applications such as industrial automation, drones, the IoT (Internet of Things) and in-vehicle experience applications for automotive. This business delivers strong profitability and stable, growing free cash flow. Micron is grateful for the extensive engagement of state and local officials since early this year to help bring our Manassas expansion to fruition. We are excited to increase our commitment to the community through the creation of new highly skilled jobs, expanded facilities and education initiatives.”
Micron Foundation Establishes $1 Million Fund for Virginia Colleges and Universities to Advance STEM and STEM-related Diversity Programs
In related news, the Micron Foundation also announced that it will commit $1 million to higher education institutions in Virginia as it invests in the next generation of technicians, scientists and engineers with a focus on women and underrepresented minorities in these fields. The investment will provide grants and funding at select community colleges and universities for several types of programs, organizations and individuals that inspire and enable future innovators.