Magnachip opens Chinese subsidiary
Hefei-based facility will expand the company’s display driver IC and power IC businesses in China
Korean firm Magnachip has celebrated the opening ceremony of Magnachip Technology Company (MTC) in Hefei, China. MTC is a subsidiary of Magnachip, established on December 20, 2023, to expand the company’s display driver IC and power IC businesses in China.
Hefei aspires to become the 'IC Capital of China.' By positioning MTC within this dynamic ecosystem, Magnachip says it aims to leverage Hefei's robust infrastructure and tap into its rich talent pool.
In addition, MTC intends to establish branch offices in Beijing, Chengdu and Shenzhen, which will further strengthen the Company’s China presence by streamlining communication and facilitating seamless market responsiveness to allow the Company to provide prompt customer support.
With over 40 years of operational expertise, Magnachip has around 1,100 registered patents and pending applications, coupled with extensive engineering prowess in power ICs, OLED display driver ICs and power management ICs widely used for communication, IoT, consumer, computing, industrial, and automotive applications. MTC will focus on harnessing Magnachip’s OLED display driver IC and power management IC capabilities to serve local China customers to meet the demands of the consumer market in China.
“Our decision to establish an operating subsidiary in mainland China marks another significant milestone in our global growth journey, alongside our Korean headquarters and our presence in Europe and Asia including Japan and Taiwan,” said YJ Kim, CEO of Magnachip. “By establishing a local presence, we are better positioned to understand and fulfill the needs of the Chinese consumer market, while reaffirming our commitment to delivering long-term value for our shareholders.”
