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News Center Company News
CORRECTED - CORRECTED-OFFICIAL-UPDATE 1-Hynix sells $100 mln China JV stake
  

(Company corrects Thursday announcement to show Hynix stake after sale will be 76.7 percent, not 72.3 percent)

SEOUL, Sept 25 (Reuters) - Hynix Semiconductor Inc (000660.KS: Quote, Profile, Research, Stock Buzz) said on Thursday it would sell part of its stake in a Chinese joint venture to partner Numonyx for $100 million, as Numonyx seeks to raise its control over the Hynix-led chip plant.

After the sale, Hynix will see its stake in the Wuxi plant, which produces dynamic random access memory (DRAM) chips used in personal computers, cut to 76.7 percent from the current 83.3 percent.

Numonyx, a memory joint venture owned by STMicroelectronics (STM.PA: Quote, Profile, Research, Stock Buzz) (STM.N: Quote, Profile, Research, Stock Buzz), Intel Corp (INTC.O: Quote, Profile, Research, Stock Buzz) and Francisco Partners, has said it planned to increase its stake in the joint venture to one third.

It is also working with Hynix in a five-year tie-up to develop NAND flash memory chips, used in hand-held devices including cellphones, digital music players and cameras.

The stake sale comes as memory chip makers suffer a prolonged downturn hit by a supply glut and weak demand for personal computers and consumer electronics.

Hynix said the transaction will be completed by the end of this year. No decision has been made as to when Numonyx would make additional investments, a Hynix spokeswoman said. (Reporting by Rhee So-eui; Editing by Keiron Henderson)

release time :2008-9-27
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