Intel Corp. was expected to announce a joint venture with STMicroelectronics and private investors in a move that would involve reorganization of its NOR flash memory production facility in Kiryat Gat after press time, following the close of trading in New York on Tuesday.
As originally reported in The Jerusalem Post, the world's largest chipmaker was seen to be making the move, which is designed to focus on high volume manufacturing, in order to stay competitive in the flash market. Both Intel and STM are expected to sell their NOR flash businesses to a private firm, with the three entities holding equal stakes in the combined business.
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