June 17, 2003 – Seoul, South Korea – Hynix Semiconductor Inc, the world’s third-largest memory chipmaker, is enjoying the spotlight from a new deal with Intel.
Intel will use memory chips from Hynix in its DDR400 product line. Hynix says it plans to increase its production of DDR400 to 90% capacity by year’s end.
“It’s a big shot in the arm,” a Hynix spokeswoman told Reuters. The company is still struggling with financial woes since being spun off from the now-defunct Hyundai Group, and is currently being managed by creditors.
The news also gave Hynix’s stock a boost. Shares in the company were up by almost 15% after the announcement, and ended the day up nearly 11%.