Seoul, Korea, May 8, 2001
hynix Semiconductor Inc. (hynix, www.hynix.com) announced yesterday that a resolution to spin off its Liquid Crystal Display(LCD) operation was passed at its recent board meeting held at hynix Semiconductor America in San Jose. hynix will create a new independent corporation for the LCD business by June 1 and transfer all sales rights to the new corporation by June 8. The LCD operation posted 466.1 billion won in revenue last year and will reborn as a specialist LCD manufacturer with an estimated assets totaling 1 trillion won. The spin-off further allows hynix to focus on its semiconductor business. Meanwhile hoping that the new LCD operation will establish itself as a world leader in the industry. hynix scheduled this board of directors meeting in the US in order to be able to familiarize new board members – new outside directors in particular who were appointed at the general shareholder’s meeting last March – with the overseas production facility and sales office. Regular hynix board meetings will be held quarterly, consistent with the company’s open management philosophy.