Magnachip Celebrates the Grand Opening of Magnachip Technology Company in China
May 15 2024 - 5:46AM
Business Wire
Magnachip Semiconductor Corporation (“Magnachip” or the
“Company”) (NYSE: MX) celebrated the opening ceremony of Magnachip
Technology Company, Ltd. ("MTC") today at its headquarters located
in Hefei, China. MTC is a subsidiary of Magnachip, established on
December 20, 2023, to expand the Company’s display driver IC and
power IC businesses in China.
The ceremony was attended by local government officials and
Company customers and business partners. This significant event
underscores Magnachip's commitment to establishing a strong
foothold in China and fostering sustainable growth in the Chinese
market.
Hefei is renowned for its burgeoning IC industrial cluster and
has the goal of becoming the "IC Capital of China.” By positioning
MTC within this dynamic ecosystem, Magnachip aims to leverage
Hefei's robust infrastructure and tap into its rich talent pool. In
addition, MTC intends to establish branch offices in Beijing,
Chengdu and Shenzhen, which will further strengthen the Company’s
China presence by streamlining communication and facilitating
seamless market responsiveness to allow the Company to provide
prompt customer support.
With over 40 years of operational expertise, Magnachip boasts a
vast portfolio of approximately 1,100 registered patents and
pending applications, coupled with extensive engineering prowess in
power ICs, OLED display driver ICs and power management ICs widely
used for communication, Internet of Things, consumer, computing,
industrial, and automotive applications. MTC will focus on
harnessing Magnachip’s OLED Display Driver IC and power management
IC capabilities to serve local China customers to meet the demands
of the consumer market in China.
“Our decision to establish an operating subsidiary in mainland
China marks another significant milestone in our global growth
journey, alongside our Korean headquarters and our presence in
Europe and Asia including Japan and Taiwan,” said YJ Kim, CEO of
Magnachip. “By establishing a local presence, we are better
positioned to understand and fulfill the needs of the Chinese
consumer market, while reaffirming our commitment to delivering
long-term value for our shareholders.”
About Magnachip Semiconductor
Magnachip is a designer and manufacturer of analog and
mixed-signal semiconductor platform solutions for communication,
Internet of Things (“IoT”), consumer, computing, industrial and
automotive applications. The Company provides a broad range of
standard products to customers worldwide. Magnachip, with more than
40 years of operating history, owns a portfolio of approximately
1,100 registered patents and pending applications, and has
extensive engineering, design and manufacturing process expertise.
For more information, please visit www.magnachip.com. Information
on or accessible through Magnachip’s website is not a part of, and
is not incorporated into, this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240515479215/en/
U.S. (investor relations): Steven C. Pelayo, CFA The Blueshirt
Group Tel. +1(360) 808-5154 steven@blueshirtgroup.co
U.S. media / industry analyst: Mike Newsom LouVan
Communications, Inc. Tel. +1-617-803-5385
mike.newsom@louvanpr.com
Korea / Asia media: Min A Kim Senior Manager of Public Relations
Tel. +82-2-6903-3211 mina3.kim@magnachip.com