SK Hynix has signed a memorandum of understanding (MOU) with the Dalian Municipal People's Government of China and the Administrative Committee of Jinpu New District, Dalian, under which the parties will jointly collaborate on SK Hynix' acquisition of Intel's Dalian semiconductor fabrication plant as well as SK Hynix' future investments in Dalian.
In accordance with the MOU, SK Hynix will continue to invest in the Dalian Fab, while the Dalian government will provide support for SK Hynix's acquisition of the Dalian fab. In addition, SK Hynix will seek to broaden its collaboration scope with the Dalian government to drive sustainable urban development, contribute to regional economic prosperity and help the city develop and grow its IT sector. The MOU will help elevate Dalian's industrial innovation capacity and support further development of local IT industry, SK Hynix indicated.
SK Hynix announced in October 2020 that it had struck a deal to acquire Intel's NAND memory and storage business for US$9 billion, which includes Intel's NAND SSD business, NAND component and wafer business, and the Dalian fab.
"The signing of this milestone MOU marks the further deepening of the partnership between Dalian and SK Hynix, which we hope will advance industrial innovation capacity in Dalian," said SK Hynix executive VP Noh Jongwon. "As a partner, SK Hynix will do its best to fulfill its commitments and explore potential collaborations with the Dalian government."
As of 2020, SK Hynix had made a cumulative investment of more than US$20 billion in China, the memory chipmaker disclosed. With its ongoing business expansion in China, SK Hynix also prioritizes the recruitment and training of local talent in China, currently employing more than 7,000 Chinese nationals and creating ongoing employment opportunities.
