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Micron Slumps 17%+ on Report of Suspension of Chip Plant Construction in Taiwan
2026-11-06 08:47:18 Micron Technology, Inc. (MU.US) has suspended its plan to build a chip plant in Taiwan and has nearly halted construction work at a factory in Taoyuan City given concerns over risks including the possible reversal of an earlier agreement reached with a local labor union, Bloomberg, citing sources, reported. Micron forged a labor agreement with one of the major unions in October, but the company may need to renegotiate after some employees opposed the terms, report said. Micron reportedly informed local officials and a supplier of the decision to suspend the factory project. Overnight (5th), Micron shares shrank with the broader market, closing down 17.46% at USD656.39. Micron budgeted between USD3 billion and USD4.5 billion for the Taoyuan plant site, including the purchase of equipment from ASML (ASML.US). The factory had originally been targeted to commence operations in 2028, sources divulged. Responding to the report, Micron said Taiwan plays an important role in the company's global footprint and that operations are proceeding as normal today, with confidence in maintaining business continuity for customers. However, the company did not directly respond to questions regarding the Taoyuan factory project. ~ AASTOCKS Financial News Website: www.aastocks.com | |