© Kingston Business | July 15, 2020
Phison to sell shares in JV to Kingston
Memory specialist Kingston says that Phison will sell its shares in Kingston Solutions, Inc. (KSI), a joint venture with Kingston Technology Corporation, to Kingston.
The transaction will enable Kingston to become the majority shareholder of KSI. Phison will continue to focus on technology and R&D and provide Kingston support and service. In 2010, Phison and Kingston formed KSI as a joint venture to accelerate the adoption of eMMC (Embedded Multi-Media Card) solutions by easing the design-in effort and speeding up the product design cycle. This allowed both companies to bring their products to market faster. KSI leveraged Phison’s expertise in controller technology with Kingston’s operational proficiency in memory solutions to quickly become a force in the embedded industry. “Kingston is not only a long-term partner of Phison, but also one of the key enablers of Phison’s growth, our relationship remains strong and will continue. We are selling our shares in KSI to Kingston so we can focus on further developing our core technology as well as better strategize our business goals. This JV between our two companies has been very successful and served its purpose to expedite market adoption of eMMC. Phison remains committed to providing the same excellent level of technical support to KSI and its embedded memory customers as before,” says K.S Pua, CEO and chairman of Phison, in a press release. “As the industry and our businesses have grown over the past 10 years, the timing is right for this transaction. This gives Kingston more flexibility to service its diverse customer base worldwide as well as allowing for better strategies and resources alignment between KSI and its parent company, Kingston Technology,” adds Darwin Chen, chairman, Kingston Solutions, Inc. The equity transaction amounted to about EUR 53.28 million
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