Micron Technology: Leveraged Buyout Announcement Seems Imminent

There are 20 comments on the Jun 12, 2007, Seeking Alpha story titled Micron Technology: Leveraged Buyout Announcement Seems Imminent. In it, Seeking Alpha reports that:

Posted on Jun 12th, 2007 with stocks: MU Greg Wilder submits: In January 2007 we wrote an article titled " Micron Technology: Takeover Target For Private Equity? " Now, five months later, we analyze further ... via Seeking Alpha

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dave

San Antonio, TX

#1 Jun 14, 2007
what!
Insider

Boise, ID

#2 Jun 18, 2007
Rumors are flying here in Boise Idaho. Top rumors are about the leveraged buyout, but many rumors about Steve Appleton stepping down.

If Appleton steps down, that (in my oppinion) would be great for the company. He spends most of his time flying his little airplane and going to go kart races in the Baja.

Basically, most employees feel that Appleton is an idiot and he has totally distroyed Micron Technolgy.
Insider

Boise, ID

#3 Jun 18, 2007
Also, we are hearing that as many as 5000 Micron Employees will be laid off on June 29, 2007.

It sure would be nice if the management of Micron would either confirm or deny this, so that Micron's hard working employees could move on with thier lives.

Never happen, Micron is managed so poorly, it is likely it will never recover.
insider1

United States

#4 Jun 20, 2007
Rumors just cause uneasiness-if you don't know the facts don't start the rumor. Times are tough but Micronauts can weather the storm if we work as a team.
Insider2

United States

#5 Jun 21, 2007
There is an email from Management which was confirmed by another management source stating Micron is now going to outsource their Assembly department. And a HUGE rumor is circulating that there will be a layoff announcement June 22 of somewhere around 3,000 employees.

Just thought I'd share!
Insider

Boise, ID

#6 Jun 21, 2007
Yeah, that is what they are saying, 3,000 employees tomorrow, June 22, 2007. Also on June 28 when Micron annouces earnings Steve Appleton will resign.

The Boise Fab is a 200MM fab and is out of date. It needs to be 300MM to compete, but since Fab 1 A,B & C cannot be changed to a 300MM line, Micron will be forced to close them and build a 300MM fab in Boise.

Basically there are rumors of the LBO by Blackstone, but I am not sure if this will happen.

I am fairly sure that Appleton is gone (thank god) and that at least 3,000 will loose there job tomorrow.
huh

Boise, ID

#7 Jun 22, 2007
would the rumormongers please take a break, it is stressing everyone out. i personally will wait for facts, and not react to rumors.
party

Boise, ID

#8 Jun 22, 2007
This is the most pathetic thing Ive heard in a long time. If this is all true then managment should never allow such treatment of there employees to occur someone needs to step up and backup rumors or ease the employees that have worked (some for several years) so hard to raise the families and struggle to survive this world. Thanks
lexar

Newark, CA

#9 Jun 22, 2007
you never know what is going to happen. Micron laid off about 10% of Lexar last week. I wouldn't doubt that Boise is next.
questionable

Jefferson, MD

#10 Jun 23, 2007
questionable activity by management at MTV... alot of good people are being cut from their positions and being told "take this operator/tech/eng job in the fab or be separated" some engineers /techs have been pushed into operator roles, most techs/engs pushed into comparitive roles(but areas they never worked in)... many have quit, most of these transitions seem arbitary. many of these folk are being pressured.

Management is so clueless at mtv, Morale is crushed and most folk on the fab have lost spirit. noting acts of minor sabotage amonst the petty.
Problems

Abingdon, MD

#11 Jun 23, 2007
Management called meetings with their staff last week at MTV and told them all was well and NOT to discuss the rumors. MTV really didnít have that much of a rumor problem so why the ultimatum on them? Also Micron is saying that the price of RAM is going up but the only prices going up are theirs, other retailers are still at rock bottom prices.
ďManagement is so clueless at mtv, Morale is crushed and most folk on the fab have lost spirit. Noting acts of minor sabotage amongst the petty.Ē
Well I havenít seen any sabotage but I have seen many many tools down for days at a time with mysterious bugs that canít be found. Morale is definitely down, just looking at the depressed and angry faces in the lunch room tells the true story. Management will always be clueless until the very end; only the site director knows the truth and definitely isnít going to share it.
I donít see Micron laying people off so soon after announcing their profits. The big layoff if it comes will be by the end of July. A company the size of Micron canít just flip a switch and poof people are gone they have to plan it out so they can keep running at a minimal crew, and that takes time. My theory on why MTV forced all of those people to move up to the FAB is that the people who were moved are slated for a future layoff. If they do good in their new positions they will be kept if they donít fit in then they will be laid off. Itís Microns way of keeping them employed at all costs and if it doesnít work out for some of the workers; at least they tried.
Insider2

United States

#12 Jun 24, 2007
The Idaho Statesman published an article about Micron and the layoff rumors.( www.idahostatesman.com under the business section)

It also stated that they received no response to thier phone call, just as the employees who keep asking and asking and asking are receiving no response from their own managers! IF IT WASN'T TRUE, THERE WOULDN'T BE A PROBLEM SAYING SO.
Viper86ed at MTI

Meridian, ID

#13 Jun 24, 2007
We are worried. There has been no "plain talk with Steve" in quite some time. Middle Management is playing dumb (not hard for them). Last week I.S. blocked access to the Idaho Statesman, and after they realized this was a mistake it and would cause more trouble, access was mysteriously fixed.
Imager starts are way down and we're told its due to market glut when most of us have heard that some idiots in sales pissed off some of our best customers.
It upsets us to see the Execs gave themselves Huge stock option grants recently when a lot of us are digging for change to buy gas to get us to work.
The company is very Top Heavy, but they make sure to cut from the bottom first. More than 60% of the workforce at Micron is not directly involved with moving wafers.
I'm hurting and so are a lot of others. Micron has always taken and not given. Yes we have jobs and we are thankful for them but it gets hard when they just keep nibbling at us, and gorging themselves.
Idaho is right to work state, we also have the right to starve. If the workers in Idaho united the company would pack up and leave.
I and many others are looking for jobs where we are treated as individuals and paid based on our individual performance. Micron chooses to treat us all as groups. This group gets that and that group gets this, no exceptions, and thats why we loose so many good people.
I show up to work in the fab and save the company hundreds of thousands of dollars yearly. Makes no difference, this is what you get. "Maybe if we meet all our goals you can have some more peanuts". What about my exceeding performance and my significant accomplishments, why is there no dollar attached to these things?
Something is broken and I don't see it getting fixed.
I'm off my soapbox and I suspect there are other waiting in line to use it, plenty of others.
Problems

Abingdon, MD

#14 Jun 24, 2007
Here is a question, how long can a company like Micron keep a fab open without layoffs when it is losing $3.5 to $5 million a week? Thatís a whole latta money to keep pouring in week after week month after month. MTV needs to cut costs if it wants to stay open.
igor

Garden City, ID

#15 Jun 24, 2007
All we can do is hold our heads high and do our jobs to the best of our ability. We can't control anything outside of our jobs. Hopefully the market will turn and lessons will be learned. Keep the faith.
Insider

Boise, ID

#16 Jun 25, 2007
Igor, I am not sure I have any faith to keep. Micron basically sucks. I have been in the semiconductor industry for close to 30 years. Micron is the worst company I have ever worked for, but at least they are still in business.

Other companies I worked for gave raise and good benefits. Micron don't give raises. I know many employees that have not had a raise in many years. They keep cutting benefits and taking away the good incentive bonuses and replacing them with a stupid goals program.

All the time, the managers are riding around in Million dollar go karts in the desert. Appleton, Hawkins, Durcan are all part of the good ole boy system. Micron will not be profitable until we get real managers, not a bunch of kids that ride around in go karts and call it advertising.

Like I said, Micron Sucks!
Insider

Boise, ID

#17 Jun 25, 2007
Latest is that Appleton resigns and layoffs annouced on Thursday with Microns earnings annoucement.
working bee

Boise, ID

#18 Jun 25, 2007
Micron is a good company to work for, always. Micron encourage individual to work hard and to advance to his/her own potential. As an individual worker, each of must deliver results. It does not matter how hard or how many hour we put into the task. We must deliver success results at the end of our shift or else we loose a step to our competition. This is a raw and cold mentality indeed, but that is why we are in a "cut throat" business of consumer electronics.
If this Friday, I would loose my job. I will strive and will find another opportunity elsewhere. Micron in my mind is still a good company to work for.
Employee

AOL

#19 Jun 25, 2007
What happened to Micron being a TEAM we are all individuals and the upper MGT team makes way too much money. Appleton use to E-Mail us monthly but as we bought more companies he further himself from the TEAM and took all of us to the cleaners. I think and others do too that when Sinapore opens up in 2009 it is Good Buy BOISE and screw all of us employees. As for Imagers we lost good accounts due to some unrudely employees that drop the ball and did not follow specs.
Just an FYI

Abingdon, MD

#20 Jun 25, 2007
I hope that everyone is aware that Micron is a high tech company and more than likely will figure out who is posting these comments. We can all be tracked through our IP addresses and cookies. If you are going to post any more comments against the company you work for you may want to use a friendís computer or look forward to a pink slip. I have heard many stories about people being fired after posting in blogs and I wouldnít want to join their ranks.

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