Toshiba, Hynix say to collaborate on MRAM development

TOKYO, July 13 (Reuters) - Japan's Toshiba Corp and South Korea's Hynix Semiconductor said on Wednesday they have agreed to jointly develop Magnetoresistive Random Access Memory, or MRAM, products.

Once the technology development is completed, the two companies intend to establish aN MRAM manufacturing joint venture, they wrote in a statement.

MRAM uses magnetism to store data requiring less power than products using traditional electrical circuitry. (Reporting by James Topham; Editing by Joseph Radford)