Sept. 30, 2002 – Seoul, Korea – Hynix Semiconductor Inc. has agreed to sell its flat-screen manufacturing business to BOE Technology Group, China, in a $380 million deal.
The Hynix unit, which makes thin-film transistor liquid crystal displays for flat-screen televisions, computers, and handsets, had been put up for sale as part of the company’s long-running efforts to avoid bankruptcy, reported the Financial Times.
“The deal would help us concentrate on our core business – DRAM chips – and expand our business by bolstering investment in next-generation production facilities,” said Hynix.
BOE said it would launch an overseas subsidiary to buy the assets, funded by foreign debt. Citibank was appointed financial adviser.