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DRAM Specialist Elpida To Raise Close To $1bn For Business Revamp

Memory maker Elpida says it is trying to raise $990 million in an effort to redirect its business at the smartphone and tablet markets.

The company, which currently produces DRAM mainly for PC and server applications, is eyeing the profitable portable gadget markets and needs the cash to tool up for the change in direction according to thinq_

The bottom has fallen out of the traditional memory market as consumers spend more time mucking about with mobiles and tablets connected to cloud-based services like Google Docs rather than on desk-bound PCs.

Elpida will spend a third of the cash, which it will generate by diluting existing shares, on a new fabrication complex in Hiroshima, Japan.