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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