Jan. 25, 2002 – Seoul, Korea – Hynix Semiconductor Inc. said that it has concluded negotiations to sell its CDMA equipment production subsidiary, Hyundai Syscomm Inc., to 3R Inc., a Korean company that specializes in digital imaging equipment.
3R reportedly offered 59 billion won to acquire Hyundai Syscomm, which is roughly double 3R’s total 2001 sales, according to reports in local media.
Hyundai Syscomm’s average annual sales figures are nearly eight times higher than that of 3R. Hynix officials said they decided to sell the affiliate due to the strong proposal and offer price submitted by 3R.
Under terms of the agreement, 3R is expected to pay Hynix 20 billion won out of the 59 billion won by the end of January, with the remaining amount due by year-end 2002, and prior to the merger of the two companies which is planned for 2003.