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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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