The company had recently informed that certain of its wholly owned subsidiaries have completed the previously announced sale of the it’s Foundry Services Group and the factory in Cheongju
Magnachip Semiconductor Corporation has unveiled its new brand identity. Designed to highlight the company’s fresh start as a pure-play standard products company participating in the fast-growing, attractive display and power markets.
“Magnachip enters this new chapter of growth with a sharpened focus, renewed energy and clear mission of empowering the makers of tomorrow by accelerating the advancement of technology,” read company’s official statement.
The company had recently informed that certain of its wholly owned subsidiaries have completed the previously announced sale of the it’s Foundry Services Group and the factory in Cheongju (also known as Fab ) to Key Foundry Co., Ltd. The purchase price equals approximately $350.6 million, which includes a positive working capital adjustment of approximately $5.9 million.
The company intends to use approximately $227.4 million of the net proceeds to fully redeem all of its outstanding 6.625 per cent Senior Notes due 2021, of which $224.25 million principal amount was outstanding as of 31 August 2020.
“I am proud of our amazing team at Magnachip, who have delivered a successful transformation while weathering unprecedented challenges presented by the COVID-19 pandemic,” said YJ Kim, Magnachip’s chief executive officer. “
Kim added, “This structural change is an integral part of the new Magnachip, and the new brand identity symbolizes our profound commitment to technology advancement and customer support. From consumer electronics to industrial devices, our innovations improve the way people live, work, play and communicate. Together with our customers, we’re powering the technology the world loves. Magnachip is Powering Magnificent Moments.”