Micron Technology Completes the Acquisition of Rendition - 09/1998
BOISE, Idaho, September 14, 1998 – Micron Technology, Inc., today announced the closing of the previously announced acquisition of Rendition, Inc. The acquisition was approved by Rendition shareholders last week. Micron acquired Rendition through a stock-for-stock merger.
The merger will give Micron Technology a presence in the graphics arena and provide other strategic benefits to both companies. "Graphics accelerators represent an ideal initial application for Micron's embedded DRAM technology," said Steve Appleton, Chairman, Chief Executive Officer, and President of Micron Technology, Inc. "We look forward to the new opportunities we see in the area of embedded DRAM applications."
"The combination of the two companies' resources provides synergies in technology and economies of scale which are necessary to compete effectively in an expanding graphics arena," said John Zucker, former Chief Executive Officer of Rendition and current Micron Technology Vice President. "The result of this joining of forces is a faster, more efficient and cost-competitive graphics engine. This engine will effectively complement the ongoing performance enhancements of the PC's main processor, even when used in the most demanding imaging and multimedia applications."
Rendition, as a division of Micron, will continue to provide high-performance, low-cost, multi-functional graphics accelerators for the high volume personal computer market. Founded in 1993, the company's products enable entertainment and multimedia users to enjoy next generation 2D, 3D, and video playback on their PC.
Micron Technology, Inc., and its subsidiaries manufacture and market DRAMs, very fast SRAMs, Flash, other semiconductor components, memory modules, graphics accelerators, personal computer systems, and radio frequency identification (RFID) products. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the symbol MU.