SEOUL, South Korea and CUPERTINO, Calif., March 5, 2012 /PRNewswire/ -- MagnaChip Semiconductor Corporation ("MagnaChip") (NYSE: MX) today announced that its Korean subsidiary has completed its acquisition of Dawin Electronics Co. Ltd., a privately held semiconductor company that designs and manufactures Insulated Gate Bipolar Transistor (IGBT), Fast Recovery Diode (FRD) and MOSFET modules. Dawin Electronics is headquartered in Incheon, South Korea, and has sales offices in China and Europe.
"We are delighted to have completed this acquisition," said Sang Park, MagnaChip's Chairman and Chief Executive Officer. "The acquisition of Dawin Electronics expands MagnaChip's offering of Power Solutions products to the commercial and industrial markets and will enable MagnaChip to compete quickly and effectively with a broader portfolio of IGBT power solutions. We are very excited about this transaction and the additional value we expect to create for our shareholders and customers."
According to market research firm IHS iSuppli, the total IGBT market in 2011 was estimated to be $4.1 billion and is expected to grow at a compounded annual growth rate of 10 percent from 2011 to 2015. IGBTs are used in a broad range of medium- to high-power commercial and industrial applications and in many consumer appliances such as variable speed refrigerators, air-conditioners and stereo systems. Availability of affordable, reliable IGBTs is also an important enabler for electric vehicles and hybrid cars. Terms of the deal were not disclosed.
About MagnaChip Semiconductor
Headquartered in South Korea, MagnaChip Semiconductor is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications. MagnaChip Semiconductor believes it has one of the broadest and deepest range of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com.
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Information in this release regarding MagnaChip Semiconductor Corporation's forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include statements about our ability to capitalize on improving market dynamics and future operating and financial performance including revenue. All forward-looking statements included in this release are based upon information available to MagnaChip Semiconductor as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, compliance with U.S. and international trade and export laws and regulations by us and our distributors, and other risks detailed from time to time in MagnaChip Semiconductor Corporation's filings with the SEC, including our Form 10-K filed on March 18, 2011 and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. MagnaChip Semiconductor Corporation assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.
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SOURCE MagnaChip Semiconductor Corporation