Micron has axed 3,000 jobs and partially closed a factory it shared with Intel.

The two companies utilised the plant to produce memory as part of their IM Flash Technologies venture. However, NAND memory will continue to be manufactured at two sites in Virginia and Utah.

"Micron is in a strong position relative to our competitors, as evidenced by our balance sheet and cash flow, but we are not immune to the difficult global market conditions that are affecting us all," said Micron CEO Steven R. Appleton.

The layoffs are expected to occur over a two year period, resulting the in the loss of 15 percent of Micron's workforce.

Appleton explained that the job cuts will enable the company to maintain its "competitiveness."

Micron recently posted a $344 million loss in its fourth quarter on revenue of $1.45 billion.  X

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