Micron Technology, Ford Ink Long-Term Agreement To Secure Memory Supply For Next-Gen Vehicles

(RTTNews) - Micron Technology, Inc. (MU), a manufacturer of storage products, Monday announced that it has signed a long-term Strategic Customer Agreement or SCA with American automaker, Ford Motor Company (F) to strengthen the supply of memory and storage solutions supporting Fords next-generation vehicle production.

Micron is increasing its output of key automotive memory solutions with capacity expansions designed to support long product lifecycles and ensure sustained supply for critical production programs, the company said in a statement.

The SCA is backed by Micron's ongoing investments to expand and localize manufacturing for automotive customers, including its expansion of advanced DRAM production at its Virginia fab.

In pre-market activity, MU shares were trading at $1009, up 3.43% on the Nasdaq and F shares were trading at $13.47, up 0.88% on the New York Stock Exchange.