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``9:04AM Micron and Intel create new company to manufacture NAND Flash memory (MU) 14.18 :MU and INTC announce they have agreed to form a new co to manufacture NAND flash memory for use in consumer electronics, removable storage, and handheld communications devices. The new co will exclusively manufacture product for MU and INTC. The co will be called IM Flash Technologies. In addition and subject to the closing of the venture, INTC and MU have each entered into separate long-term agreements to supply Apple (AAPL) with a significant portion of each of their share of IM Flash Technologies` NAND flash memory output. As part of these agreements, Apple would prepay $250 mln each to INTC and MU.