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Micron Technology Inc., the biggest U.S. producer of computer-memory chips, said it will raise $450 million by selling common stock and convertible senior notes.
The money will be used for acquisitions, capital expenditures and other corporate purposes, the Boise, Idaho- based company said in a statement.
CEO Steve Appleton, who has overseen falling sales in the past two quarters, has cut workers and shut down plants to reduce chip inventory. Micron will convert the senior notes into shares of common stock.
In Utah, Micron jointly owns the IM Flash Technologies plant in Lehi with Intel Corp.
On Wednesday, Micron stock closed at $4.28 a share, down 3 cents.
