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Struggling memory supplier Lexar Media whose parent Company Micron Technology has been labelled as “Junk” is trying to drum up business in Australia with the appointment of Australian Photo Suppliers to push their Kodak branded memory.Described as a bottom-end player up against the likes of SanDisk, Lexar Media has struggled in Australia in the past, and their move to a new distributor in the photo digital camera market is yet another attempt at growing share in a market that is tipped to decline in the next 12 months. Also set to impact the Company is the launch by SanDisk of new 16GB and 32GB memory modules specifically designed for professional photographers.
Another problem facing Lexar Media is that their parent Company, Micron Technology, has been rated by Moody’s Investors Service as ‘junk’ status with the Company struggling to fund their operations up against the likes of Samsung, Toshiba and SanDisk, who themselves are facing a hostile takeover from Samsung.
Currently the Lexar Media owners are trying to raise $285 million in debt financing. They also need to fund their $400 million purchase of Taiwanese chipmaker Qimonda with some analysts now tipping that they will struggle to survive.
Recently Micron admitted that they had had to write down an oversupply of Lexar Media stock and that they are now facing weakening margins and negative earnings from their memory business.
The Lexar owners say that the company’s core flash memory businesses will remain under pressure, hurt by excess capacity, falling demand and ASP erosion.
