Hynix Sells System IC Business to Korean System Semi
Hynix Semiconductor Inc. (Ichon, Korea) has transferred its system IC division to System Semiconductor Ltd. following the approval of the sale by Hynix's board earlier this month. System Semiconductor was formed by Citigroup Venture Capital Equity Partners and CVC Asia Pacific Ltd. as a vehicle to develop and grow the former Hynix system IC business into an independent company.
The sale of the business unit was one of the options taken to restructure Hynix in the company's Business Normalization Plan from 2002. As a result of the sale, Hynix will focus resources on its memory business, as well as realize an improved financial structure. Further, Hynix will pursue projects in China to bolster business and develop strategic alliances to further strengthen long-term competitiveness in the memory market.