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| MagnaChip Semiconductor Agrees to Sell its Application Processor
Business to Greenchips | | | |
Seoul, Korea - MagnaChip Semiconductor Ltd. has announced that it
has agreed to sell its Application Processor business to GreenChips Co., Ltd (www.greenchips.co.kr), a Korean
semiconductor solution provider.
According to MagnaChip Semiconductor, this deal aims to allow us to focus
further on our three core and the sale is expected to be finalized in January 2006.
Under the
terms of the agreement, MagnaChip will have a 10% equity stake in the new independent entity, and will continue to
provide foundry services to the new entity.
The Application Processor business primarily includes
assets, staff and intellectual property related to MagnaChip’s 8-bit and 32-bit microcontrollers, SmartCard
controllers, microperipheral ICs, and linear IC product lines.
Myungsoo Kang, Head of the
Application Processor Business of MagnaChip Semiconductor, commented, “This transaction was ideal for us given the
natural fit with GreenChips’ business. We are pleased to have such a strong partner given GreenChips’ great
reputation and sector knowledge.”
Mr. Won Choi, CEO of GreenChips, commented, "Our strong
relationship with MagnaChip gave us high confidence in this transaction. We are very optimistic about acquiring the
Application Processor business as a logical extension of our current MCU business. We are also pleased that there
will be no disruptions in the foundry business as the high yields historically delivered by MagnaChip are central to
future profitability.”
Dr. Youm Huh, President and CEO of MagnaChip Semiconductor, said, “After
this deal, we plan to focus further on our three core businesses - Display Solutions, Imaging Solutions and our
Semiconductor Manufacturing Services. By maintaining a 10% equity stake in the new entity, we will continue to
benefit from future upside expected from the combination of GreenChips and MagnaChip’s Application Processor
businesses. We are also pleased that MagnaChip will continue to provide foundry services to the new entity.” |
Miércoles, 04 Enero, 2006 - 05:59 | |
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| MagnaChip Semiconductor Agrees to Sell its Application Processor
Business to Greenchips | Entrar/Crear una cuenta | 0 Comentarios |
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