Magnachip expands with subsidiary in China
Magnachip Semiconductor Corporation has officially open Magnachip Technology Company, Ltd. at its headquarters located in Hefei, China.
MTC is a subsidiary of Magnachip, established on December 20, 2023, to expand the company’s display driver IC and power IC businesses in China.
Hefei is known for its IC industrial cluster and has the goal of becoming the "IC Capital of China.” By positioning MTC within this ecosystem, Magnachip aims to leverage Hefei's infrastructure and tap into its talent pool. In addition, MTC intends to establish branch offices in Beijing, Chengdu and Shenzhen, as it looks to further strengthen the company’s presence in China.
“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, in a press release. “By establishing a local presence, we are better positioned to understand and fulfill the needs of the Chinese consumer market, while reaffirming our commitment to delivering long-term value for our shareholders.”
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 consumer market in China.
