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MagnaChip sells application processor business to GreenChips

Posted: 03 Jan 2006 ?? ?Print Version ?Bookmark and Share

Keywords:MagnaChip Semiconductor? application processor? GreenChips?

MagnaChip Semiconductor Ltd, a designer and manufacturer of image sensor solutions, mixed-signal and digital multimedia semiconductors, announced that it has agreed to sell its application processor business to GreenChips Co. Ltd, a Korean semiconductor solution provider. The sale is expected to be finalized this month.

Under the terms of the agreement, MagnaChip will have a 10 percent equity stake in the new independent entity, and will continue to provide foundry services to the new entity.

MagnaChip President and CEO Youm Huh said that after this deal, the company plans to focus further on their three core businesses: display solutions, imaging solutions and semiconductor manufacturing services. "By maintaining a 10 percent 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," said Youm.

Won Choi, CEO of GreenChips, said in a statement, "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."

MagnaChip's application processor business primarily includes assets, staff and intellectual property related to MagnaChip's 8-bit and 32-bit microcontroller, SmartCard controller, microperipheral IC and linear IC product lines.

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