Magnachip Semiconductor Corporation celebrated the opening ceremony of Magnachip Technology Company, Ltd. (MTC) at its headquarters located in Hefei, China. MTC, a subsidiary of Magnachip, was established on Dec. 20, 2023. Primarily, it was built to expand the company’s display driver IC and power IC businesses in China.

The ceremony was attended by local government officials and company customers and business partners. This significant event underscores Magnachip’s commitment to establishing a strong foothold in China and fostering sustainable growth in the Chinese market.

IC Capital of China

Hefei is renowned for its burgeoning IC industrial cluster. It has the goal of becoming the “IC Capital of China”. By positioning MTC within this dynamic ecosystem, Magnachip 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. Accordingly, this will further strengthen the company’s China presence by streamlining communication and facilitating seamless market responsiveness. Thus, allowing it to provide prompt customer support.

With over 40 years of operational expertise, Magnachip boasts a vast portfolio of approximately 1,100 registered patents and pending applications. Moreover, it has extensive engineering prowess in power ICs, OLED display driver ICs and power management ICs. These devices are widely used for communication, Internet of Things, consumer, computing, industrial, and automotive applications. Further, 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 country’s consumer market.

“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. This, while reaffirming our commitment to delivering long-term value for our shareholders.”

-16 May 2024-