MagnaChip Semiconductor Corporation (“MagnaChip”) (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced it was given the prestigious “2016 Best Supplier Award” by LG Display.
The “Best Supplier Award” is the highest possible level of recognition presented to a supplier by LG Display for delivering outstanding product quality. MagnaChip’s achievement is notable because approximately 180 suppliers competed for the award. This is the second consecutive year in which MagnaChip received a supplier award from LG Display. Last year, MagnaChip was honored with LG Display’s “2015 Excellence Supplier Award”.
Korea-based LG Display each year honors key component suppliers that have demonstrated competence for both “zero-defective” products and “zero-accident” performance. Of LG Display’s myriad suppliers, 15 are selected to receive the “Excellence Supplier Award” and the top five suppliers of the year are presented with the “Best Supplier Award”. The “2016 Best Supplier Award” is presented at LG Display’s Annual Quality Festival, where LG Display employees and suppliers are recognized for quality-related achievements.
MagnaChip was selected to receive LG Display’s “2016 Best Supplier Award” in recognition of its achievement of delivering “zero-defective” products and “zero-accident” performance, in particular due to its cooperation with and significant contribution to LG Display’s ongoing efforts to improve manufacturing process stabilization and product competitiveness by building a high-level system of quality assurance.
“MagnaChip has been one of LG Display’s strongest and best partners, doing its best to control quality and maintain partnership this year,” said Mr. Deuk Jung Lee, Senior Vice President and Head of the Quality Assurance Center at LG Display. “We deeply appreciate MagnaChip for its concerted and cooperative efforts to improve LG Display’s manufacturing process stabilization and product competitiveness.”
“I am very pleased and excited that we were able to follow up our selection as the 2015 winner of LG Display’s ‘Excellence Supplier Award’ with the ‘Best Supplier Award’ in 2016, which is highest award given by LG Display to its suppliers,” said YJ Kim, CEO of MagnaChip Semiconductor. Mr. Kim added, “Winning these awards from LG Display clearly shows our ongoing commitment to high quality standards and high levels of customer service, and also demonstrates the value of our technology leadership. We will continue to strive to deliver the highest quality components to LG Display and to the consumers who use LG Display products.”