The ever expanding need for Flash memory modules that are later integrated in gadgets like iPods or PSPs have not only determined a price surge but also the rapid construction of new plants.

The latest in the series is Intel’s Numonix, a joint venture with Francisco Partners and STMicroelectronics announced on May 22, which will produce semiconductors for flash memory.

The joint venture combines key assets of the three partners who had combined revenues last year of more than $3.6 billion and will focus on supplying non-volatile memory solutions for a variety of consumer and industrial devices including cellular phones, MP3 players, digital cameras, computers and other high-tech equipment.

"We want the industry to see that we are already hard at work to create a significant, agile and energetic new company and what better way to convey that than to give it a name," said Brian Harrison, vice president and general manager of Intel's Flash Memory Group and CEO-designate for Numonyx. "We are proceeding to our original timeframes and will be excited when we can officially launch the new company to our customers later this year."

Numonyx- a combination of letters derived from the word mnemonics- will have its headquarters in Switzerland and is expected to obtain the final approval for functioning from regulators later this year.

"Announcing our name allows us to begin developing an independent identity that customers and employees will recognize as a leader in innovative and cost-effective system-level memory solutions," said Mario Licciardello, corporate vice president and general manager of STMicroelectronics' Flash Memories Group and COO-designate for Numonyx. "While we are progressing in achieving regulatory approvals, planting the Numonyx flag establishes an important milestone for the company."