Hynix non-memory sell-off called MagnaChip, says report

LONDON — The non-memory chip unit of Hynix Semiconductor, which is being sold to a newly-created South Korean company formed by Citigroup Venture Capital Equity Partners LP and CVC Asia Pacific Ltd., is to be named MagnaChip Semiconductor, according to a Korean website report.

The company is to be launched Tuesday (Oct. 5) with Huh Yum, formerly vice president of system ICs at Hynix Semiconductor, as chief executive officer, the report said citing un-named company officials as its source.

A previous report had said the company would be called System Semiconductor Ltd..