SEOUL, South Korea, May 15, 2024 – 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.
CONTACTS:
| United States (Investor Relations): Steven C. Pelayo, CFA The Bueshirt Group Tel. +1(360) 808-5154 steven@blueshirtgroup.co |
USA media / industry analysts: Mike Newsom LouVan Communications, Inc. Tel. +1-617-803-5385 mike@louvanpr.com |
Korea / Asia media: Min A KIM Senior manager of Public Relations Tel. +82-2-6903-3211 pr@maganachip.com |
In the Media
Magnachip Celebrates the Grand Opening of Magnachip Technology Company in China
Mr. YJ Kim, Magnachip’s chief executive officer, and Ms. Shinyoung Park, Magnachip’s chief financial officer, will be available for one-on-one meetings with institutional investors during the conference. For more information about the conference or to request a one-on-one meeting, please contact a Needham sales representative.
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