Intel sells its Dalian SSD business and facilities to SK hynix
Intel Corp. completes its first closing of the sale of its NAND and SSD business to SK hynix.
SANTA CLARA, California, December 29, 2021– (COMMERCIAL THREAD) – Intel Corporation announced today that it has completed the first closing of the sale of its NAND and SSD business, selling its SSD business (including the transfer of certain intellectual property (IP) and employees associated with NAND SSDs) and of Dalian’s NAND memory manufacturing plant in China at SK Hynix, based in Seoul. In return, SK hynix will pay Intel $ 7 billion in return. The agreement was announced on October 19, 2020.
Intel will continue to manufacture NAND wafers at SK hynix memory manufacturing plant in Dalian and will retain certain IPs related to the manufacture and design of NAND flash wafers until the final closing of the transaction. The final close is expected to take place in or after March 2025, when SK hynix purchases the remaining NAND business assets from Intel, including some IPs related to NAND flash wafer manufacturing and design, R&D employees, and labor. work from the Dalian plant for the United States. $ 2 billion.
The SSD business will be transferred to a new company, Solidigm, a subsidiary of SK hynix. Solidigm, whose name reflects a new paradigm in solid state storage, will appoint Robert (Rob) B. Crooke as CEO. Crooke was previously senior vice president and general manager of Intel’s non-volatile memory solutions group. Solidigm will be headquartered in San Jose, California.
As previously stated, Intel intends to invest the proceeds of the transaction to deliver industry-leading products and advance its long-term growth priorities.
Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continually work to advance semiconductor design and manufacture to help meet our customers’ greatest challenges. By integrating intelligence across the cloud, network, edge, and any kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, visit pressroom.intel.com and intel.com.
About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world’s leading semiconductor supplier of dynamic random access (“DRAM”) memory chips, flash memory chips (“NAND Flash”), and sensors image CMOS (“CIS”) image for a wide range of distinguished customers around the world. The shares of the Company are traded on the Korea Stock Exchange and the shares of Global Depository are listed on the Luxembourg Stock Exchange. More information on SK hynix can be found at www.skhynix.com, news.skhynix.com.
Statements in this press release that refer to future plans and expectations, including with respect to the transactions contemplated by the SK hynix agreement to acquire Intel’s memory and NAND storage business, NAND manufacturing and supply agreements and other relationships between SK hynix and Intel, and Intel’s business and investment plans, are forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates”, “expects”, “intends”, “goals”, “plans”, “believes”, “research”, “believes”, “continue”, “could” , “May”, “would,” “” should “,” could “and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to the benefits of the transactions contemplated by SK hynix’s agreement to acquire the memory and memory businesses. Intel NAND storage; the timing and conditions for closing these transactions; when the consideration for the transaction is received; anticipated trends in Intel’s business or markets that affect it; returns and benefits of investments; and future products and technologies and the availability and benefits of such products and technologies also identify forward-looking statements. These statements are based on current expectations and involve numerous risks and uncertainties which could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the fact that government authorities may not approve transactions; that the final closing of transactions may not take place or be delayed; that the financial or other benefits expected from the transactions may not be realized; that the timing of receipt of transaction consideration could be affected by currency controls or other regulatory requirements; whereas disputes relating to transactions or to limitations or restrictions imposed by regulatory authorities may delay, permanently restrict or have a negative impact on transactions; that unforeseen transition costs may be incurred; that the transactions are not supported by third parties; and that there may be negative changes in general economic or geopolitical conditions affecting the regions or industries in which SK hynix and Intel operate; as well as the factors set forth in the most recent business reports issued by SK hynix and in Intel’s SEC documents, including the most recent Intel reports on Forms 10-K and 10-Q. Copies of SK hynix business reports can be obtained by visiting the SK hynix investor relations website at https://www.skhynix.com/ir/UI-FR-IR01. Copies of the documents filed by Intel with the SEC can be obtained by visiting the Intel Investor Relations website at www.intc.com or the SEC website at www.sec.gov. Intel does not undertake and expressly disclaims any obligation to update any statement made in this press release, whether as a result of new information, developments or otherwise, except to the extent that disclosure may be required. by the law.
Â© Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211229005403/en/