Hynix is now SK Hynix, and is looking to spend some investment money on branching out of the memory market.
Memory specialist Hynix has received investment from Korean business giant SK Group, changing its name to SK Hynix and launching a new assault on the semiconductor market.
Founded in 1983 as Hyundai Electronics Industries and employing an estimated 21,000 staff, Hynix is one of the largest producers of dynamic RAM (DRAM) and NAND flash parts in the world. As of last year Hynix held a 23 per cent market share in the DRAM market, placing it at the second spot behind Samsung, and sits at the eighth spot in global semiconductor production. Considering the company only creates memory and CMOS image sensor parts, that's none too shabby.
Clearly, SK Group agrees: the company has paid an estimated $3 billion to fold Hynix into its group of companies. As a result, Hynix gets a name change to SK Hynix and a co-chief executive in the form of SK Group chair Chey Tae-won to ensure the investment doesn't go awry.
Confirming the deal at the rebranded company's inauguration ceremony late yesterday, president and incumbent chief executive Kwon Oh-chul stated his intention for SK Hynix to grow significantly. 'SK Hynix now aims to become the world’s best semiconductor company,
' Kwon claimed.
'SK Hynix will further enhance its core competencies including our world-class technology and diversify the business portfolios as a global semiconductor company,
' Kwon added - suggesting that the company could be looking to branch out into new product areas including communications chipsets, system-on-chip parts and other smartphone-centric component lines.
'Just as the vast volume of information accumulated by humanity is immeasurable and just as the scale of our future achievements is unfathomable, the potential of semiconductor is limitless,
' added Kwon. 'The advent of smart and mobile digital devices is driving increasing demand for semiconductor. New categories of innovative digital products-tablet PCs, smartphones and smart TVs are increasingly requiring higher semiconductors. Having had foresight of this trend, SK Hynix is well prepared for success.
For now, however, it looks to be business as usual - welcome news for the companies which rely on Hynix components in their designs.