South Korea’s SK Hynix Inc, the world’s second-largest memorychip manufacturer, yesterday announced it would spend 46 trillion won (US$38.9 billion) in facility investments over the next 10 years.
The plan was unveiled by SK Group chairman Chey Tae-won — newly released from prison by a presidential pardon — at a dedication ceremony for a new chip plant in Icheon, 80km southeast of Seoul.
The new plant is to eventually attract a total of 15 trillion won investment, with the remaining 31 trillion won going to building two more chip manufacturing plants — one in Icheon and the other in the city of Cheongju.
Photo: Reuters
SK Hynix reported a 65 percent year-on-year increase in second-quarter net profit, missing analyst estimates, as slowing demand for PCs and smartphones dampened memorychip prices.
Chey, 54, received his pardon on Aug. 13 after serving 31 months of a 48-month prison sentence for embezzling 46.5 billion won from two SK Group affiliates.
South Korean President Park Geun-hye said her decision to free Chey had been motivated by a need to “revitalize the economy.”
On his release from prison, Chey promised to work for the “economic and social development of our nation.”
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