Chey vows to develop chipmaker as SK’s new axis of growth


SK Group chairman Chey Tae-won on Thursday vowed to develop Hynix Semiconductor into “SK’s new axis of growth” during his first visit to the world’s second-largest computer chipmaker since deciding to buy it last month.

“I had meant to visit earlier after SK Group decided to buy Hynix last month, but the situation was not allowed for several reasons,” Chey said.

“I came here thinking it can no longer be delayed as the acquisition process is in its final stage and the global economy is in turmoil.”

Chey was briefed by company officials on next year’s business plans and the acquisition work in a management meeting held at Hynix headquarters in Icheon, Gyeonggi Province.

Chey said the chipmaker’s business structure should be reformed into one that concentrates on high value-added products, and pledged to do his best to make important investment decisions in a timely manner.

“As chairman of SK Group, I will strive to make Hynix successful and develop it into a new axis of growth,” he said.

“Hynix, becoming a new family of SK Group, is a major opportunity and challenge not just for Hynix but also for SK.”

SK Telecom chief executive Ha Sung-min, Hynix chief executive Kwon Oh-chul, executive vice presidents Park Sung-wook and Kim Min-chul also attended the meeting Thursday.

SK Telecom bought a 21-percent controlling stake in Hynix Semiconductor for 3.4 trillion won ($3 billion) in its biggest-ever acquisition that helped the creditors-turned-shareholders find a new owner for the chipmaker in 10 years.

The 3.4 trillion won ($3 billion) deal comprises of SK Telecom paying 2.3 trillion won to Hynix and the remaining 1.1 trillion won to nine shareholders of the world’s No. 2 computer memory chipmaker.

Hynix has been on the merger and acquisition market since it went under creditors’ control in 2001 when Hyundai Group gave up its management rights.

By Kim So-hyun (sophie@heraldcorp.com)