By Dean Seal
The board of Magnachip Semiconductor has approved a plan to shut down the company's display business at the end of the second quarter.
The South Korean chipmaker had been trying to sell the business, but said Tuesday that after months of discussions with several interested parties, it has not been able to consummate a transaction that would be in the best interest of shareholders.
Shuttering the business will allow Magnachip to carry on with its strategy of becoming a pure-play power company and achieve profitable revenue growth, it said.
The closure will include the liquidation of Magnachip Mixed-Signal, which operated the display business. Magnachip said it would continue to look for opportunities to monetize the segment's assets.
The actions are expected to result in a 30% to 3% reduction in annualized operating costs.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 08, 2025 07:38 ET (11:38 GMT)
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