# SK Hynix to spin off foundry business as SK Hynix System IC

SK Hynix Inc. announced the spinoff of its foundry business into a new wholly owned subsidiary, SK Hynix System IC, which will start operations on June 30, 2017 in Cheongju, South Korea, with an initial capital of 343.3 billion won ($306 million) and about 1,300 employees.

- Type: New facility
- Announced: 2017-05-25
- Where: Cheongju, North Chungcheong Province, South Korea
- Value: $306.0M (343.3B KRW)
- Jobs: 1,300
- Starts operating: 30 Jun 2017
- Status: announced
- Products: foundry services for chips
- Sectors: [Semiconductors and Industrial Electronics](https://endata.com/sectors/semiconductors-electronics.md)

## Companies

- [SK Hynix](https://endata.com/companies/2769.md)
- [SK Hynix System IC](https://endata.com/companies/24507.md) (partner)

## Sources

- [pulse.mk.co.kr](https://pulse.mk.co.kr/news/english/7835168), 2017-05-25: "We decided to split the foundry business to reinforce our competitiveness as a system integrated circuit (IC) powerhouse and achieve sustainable growth."
- [pulse.mk.co.kr](https://pulse.mk.co.kr/news/all/7835168), 2017-05-25: "We decided to split the foundry business to reinforce our competitiveness as a system integrated circuit (IC) powerhouse and achieve sustainable growth."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.