Seoul, Korea, July 2, 2001
hynix Semiconductor Inc. (hynix, www.hynix.com) announced yesterday that it had completed the official spin-off of its LCD and telecommunication system operation.
With its better-than-expected asset sales totaling 460 billion won for the first half 2000, the disposal of spin-off on all non-core businesses further demonstrates the success of the Company’s restructuring efforts.
< Business Restructuring Process: spin-off non-semiconductor operation >
From earlier this year, hynix has spun off all non-core business units. For the telecom business, the Company separated handsets ( Hyundai Curitel Inc., ADSL ( Hyundai Networks Inc.) and system operations( Hyundai SysComm Inc.). The LCD business has been spun-off as ‘Hyundai Display Technology, Inc. (HYDIS)’. The Company’s satellite service (Space Broadband Corporation), customer service (Hyundai Digitech Service Co., Ltd., HDS) and administrative supporting unit (ASTEC Co., Ltd) have also been separated. On June 30, hynix transferred the sales rights of the telecommunication system operation, following formation of the new company on June 11.
This company is called Hyundai SysComm Inc., specializing in CDMA mobile communication equipment manufacture. It has appointed Mr. H.K. Park, former executive vice president of telecommunication system operation at hynix as the CEO. hynix had filed the LCD business registration documents to form the new company on May 30 and has completed the legal procedure transferring all sales rights to the new corporation on June 14. July 1 is the official spin-off date for ‘Hyundai Display Technology, Inc. (HYDIS)’ a specialist LCD company with an estimated 1 trillion won in assets. Mr. B.D.Choi, former senior vice-president of the LCD unit has been named as CEO of the Company. Through the active business restructuring and spin-off, Hynix has reduced the number of its employees from 22,000 earlier this year to 15,000 as of now.
The completion of these spin-offs once again demonstrates the Company’s commitment to restructuring, hynix remains as a focused semiconductor company.
About hynix Semiconductor Inc.
hynix Semiconductor Inc.(hynix) of Ichon, Korea, is an industry leader in the development, sales, marketing and distribution of high-quality semiconductors (including DRAM, SRAM, Flash memory and system IC devices), telecommunications and liquid crystal displays. The Semiconductor Group of hynix is the world’s largest DRAM supplier with 11 semiconductor manufacturing facilities worldwide, and production capacity of over 300,000 wafer starts per month. In addition, hynix is expanding its system IC business unit with leading technology and added deep-submicron foundry services to strategically broaden its overall semiconductor presence and achieve its goal of leading the global semiconductor market. Based in Korea, hynix maintains development, manufacturing, sales and marketing facilities strategically located worldwide. More information on hynix Semiconductor Inc. and its products is available from the company’s web site at www.hynix.com.
### “These materials are not an offer for sale of the Securities in the United States. The Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. hynix Semiconductor Inc. does not intend to register any portion of the offering in the United States or to conduct a public offering of Securities in the United States.”
