ISSI Announces Formation of Separate Business Unit
Integrated Silicon Solution, Inc. announced the formation of a separate business unit focused on its ASSP business that includes its EEPROM and SmartCard products. The new business unit, which will operate under the name of Giantec Semiconductor, Inc., intends to develop and market EEPROM, SmartCard, and analog power management devices. Giantec is headquartered in Shanghai, China. As part of this formation, Shanghai Zhang Jiang Science & Technology Investment Corp. committed to invest $3.75 million in Giantec. ISSI will still own more than 50% of Giantec after this investment and, as such, will continue to consolidate the financial statements of Giantec.
"We are very excited about the creation of Giantec, which combines our existing EEPROM and SmartCard business with analog power management capability. This new venture strengthens our business opportunity in the all important Chinese electronics market," said Scott Howarth, ISSI’s President and CEO. "We are also pleased to obtain the investment of Shanghai Zhang Jiang Science & Technology Investment Corp.. Their commitment further enhances Giantec’s position in the Chinese market."