Hynix sells STN-LCD business for $51.7M

Nov. 27, 2001 – Seoul, South Korea – Hynix Semiconductor has signed a contract to transfer its STN-LCD operation to a joint consortium made up of China’s Beijing Orient Electronics Group Co. Ltd. and Semicon Engineering Co. in Korea for roughly 65 billion won (approximately US$51.7 million), the Maeil Business newspaper reported.

The deal follows the signing of a memorandum of understanding in recent months.

Under the acquisition plans, a new company, Hyundai LCD, will be established to take over Hynix’s STN-LCD unit.

Beijing Orient Electronics Group will hold a 45% equity in the new company, with Semicon Engineering having 35% and Hynix 15%, while the employees of the STN-LCD operation will hold the remaining 5 percent.

The LCD unit expects sales of 50 billion won this year.

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