Micron and Intel have agreed to form a joint-venture called IM Flash Technologies to produce NAND flash memory. Each company will initially contribute USD 1.2 billion to build plants in Idaho, Utah and Virginia. An additional USD 1.4 billion investment from each is expected over the next three years. Apple will pay IM USD 500 million as part of a broader strategy, which includes Hynix, Samsung and Toshiba, to secure NAND chips through 2010. The partnership should be finalized by the end of the year. Micron will have a majority stake of 51%.