Cypress and SK hynix system ic Receive Regulatory Approvals for Closing of Joint Venture
March 11 2019 - 8:00AM
Business Wire
Full Operations for Newly-Formed Joint Venture,
Sky High Memory Limited, Expected to Begin April 1, 2019
Cypress Semiconductor Corp. (NASDAQ: CY), today announced that
it has received regulatory antitrust approval for the closing of
its joint venture with SK hynix system ic, Inc., which was
initially announced on October 25, 2018. The joint venture, SkyHigh
Memory Limited, is expected to begin full operations on April 1,
2019.
The formation of SkyHigh Memory will provide customers with a
stable supply of quality NAND products for the consumer,
networking, industrial, and automotive markets. SkyHigh Memory will
be a leader in premium quality single-level cell (SLC) NAND memory
solutions. Based in Hong Kong, SkyHigh Memory will manufacture,
distribute, and support its SLC NAND products as well as continue
investing in R&D for next-generation NAND products.
“It is an exciting time for our business as SkyHigh Memory will
drive advances in NAND technology as well as deliver leading SLC
NAND memory solutions across the globe,” said Gihyun Bae, CEO of
SkyHigh Memory Limited. “As a customer-focused company, SkyHigh
Memory is committed to becoming a world-class leader by offering
premium memory solutions with unmatched support for all of the
markets we serve.”
About Cypress
Cypress is the leader in advanced embedded solutions for the
world’s most innovative automotive, industrial, smart home
appliances, consumer electronics and medical products. Cypress’
microcontrollers, wireless and USB-based connectivity solutions,
analog ICs, and reliable, high-performance memories help engineers
design differentiated products and get them to market first.
Cypress is committed to providing customers with the best support
and development resources on the planet enabling them to disrupt
markets by creating new product categories in record time. To learn
more, go to www.cypress.com.
Forward-Looking Statements
Statements herein that are not historical facts and that refer
to Cypress or its subsidiaries’ (or the joint venture’s) plans and
expectations for the future are forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995.
We may use words such as “may,” “should,” “expect,” “plan,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “future,” “continue” or other wording indicating
future results or expectations to identify such forward-looking
statements that include, but are not limited to, statements related
to: the future financial and operational performance of the joint
venture; the effective date of the implementation and launch of the
joint venture; the ability of the joint venture to supply customers
with a continued and stable supply of products; and the ability of
the joint venture to make continued investment in NAND products.
Such statements reflect our current expectations, which are based
on information and data available to our management as of the date
of this press release. Our actual results (and the results of the
joint venture) may differ materially due to a variety of risks and
uncertainties, including, but not limited to: our ability to
execute on our Cypress 3.0 strategy; global economic and market
conditions; business conditions and growth trends in the
semiconductor market; the ability of the joint venture to compete
effectively; the volatility in supply and demand conditions for
semiconductor products, including but not limited to, the impact of
seasonality on supply and demand; the ability of the joint venture
to develop, introduce and sell new products and technologies;
potential problems relating to manufacturing activities; and other
risks and uncertainties described in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections in our most recent Annual Report on
Form 10-K and our other filings with the Securities and
Exchange Commission. We assume no responsibility to update any such
forward-looking statements.
Cypress and the Cypress logo are registered trademarks of
Cypress Semiconductor Corp. All other trademarks are property of
their owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20190311005231/en/
David SzabadosSenior Public Relations Manager(408)
544-1673david.szabados@cypress.com
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