With the completion of its acquisition of Key Foundry, SK Hynix is setting out in earnest to expand its foundry ecosystem, following its memory business.

SK Hynix announced on the 2nd that it has completed the process of acquiring Key Foundry, a domestic 8-inch foundry company.

SK Hynix has been proceeding with the acquisition process after signing a contract last October to purchase 100% of Key Foundry’s shares from Magnus Semiconductor Ltd. for 575.8 billion won.

During the first half of this year, the company received approval for the merger review for the same case in Korea and China.

Key Foundry manufactures non-memory semiconductors, such as power semiconductors, display driver chips, and microcontroller units (MCUs), on an 8-inch wafer basis, and its revenue in 2021 was 616 billion won.

An official from SK Hynix stated, “We will contribute to the stabilization of global semiconductor supply and the development of the domestic system semiconductor ecosystem by leveraging the capabilities of our 8-inch foundry subsidiaries, SK Hynix System IC and Key Foundry.”

Meanwhile, it is reported that Lee Dong-jae will take over as the new CEO of Key Foundry.