Micron is to invest $400m (£232m) in Inotera Memories by buying up German chip company Qimonda's 35.6 per cent stake in the memory maker.

Inotera was initially formed as a joint venture between Nanya Technology and Qimonda, and now operates two 300mm wafer fabrication facilities producing around 120,000 wafers per month.

Under the agreement, Micron will acquire access to half of the total manufacturing capacity of Inotera, with the other half allocated to Nanya.

The company has also agreed to share some of its technology with Inotera for the production of Stack DRAM products for both Micron and Nanya.

"Micron will gain greater scale in DRAM, reduce our operating expenses per wafer and have access to a very cost-competitive operation," said Micron chief executive Steve Appleton.

The move comes just a few days after Micron announced plans to cut around 3,000 jobs and shut down one of its primary Nand memory chip plants.

Although this new deal targets a different segment of the business, it could help offset any productivity hits that would come about as a result of restructuring.

The transaction will be completed in two stages. Once the normal government approvals and other customary conditions have been met, Micron will purchase half of Qimonda's Inotera stake, around 18 per cent, for $200m (£115m) in cash.

The remaining half will be acquired on receipt of Taiwan Federal Trade Commission approval and remaining conditions.

Once completed, Qimonda's share of Inotera's capacity will be reduced over a period of months.

According to Micron, the deal further expands its relationship with Nanya as the two firms already have another joint venture in MeiYa Technology.

However, the pair are expected to restructure MeiYa taking into account this new partnership and it is thought that both parties will cease future resource commitments to MeiYa and redirect those resources to Inotera.

"Working with Micron on the MeiYa joint venture has been a positive experience for Nanya and we look forward to broadening our relationship," said Nanya president Dr Jih Lien.

Micron is unable to fund the investment on its own and has borrowed $285m (£165m) in loan financing commitments from what the company calls "strategic sources at favourable terms".