Cypress announced the plan for a joint venture in October 2018. It has an initial five-year term to manufacture and sell Cypress’ existing single-level cell (SLC) NAND products and will continue to invest in next-generation NAND products. The joint venture will be 60-percent-owned by SK hynix System IC Inc. and 40-percent-owned by Cypress, and it will be based in Hong Kong.
“This joint venture provides a path to a continued and stable supply to customers longer term,” said Hassane El-Khoury, CEO of Cypress, at the time of the announcement.
“A key aspect of our Cypress 3.0 strategy is to focus on our core technology targeting growth markets. We will continue to sharpen our focus on differentiated Connect, Compute and Store solutions that target the automotive, industrial and IoT markets, which have longer design cycles. Our NAND customers will now be supported by the joint venture, and the joint venture will continue to support their future needs while allowing Cypress to participate in the success of the joint venture.”
Under the terms of the deal Cypress will transfer its full portfolio of SLC NAND Flash memories to the joint venture.
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