South Korean memory chipmaker SK Hynix said on Tuesday that it has completed the acquisition of Key Foundry.
It has named SK Hynix System IC CEO Lee Dong-jae as the new CEO of Key Foundry.
Previous Key Foundry CEO Lee Tae-jong will be leaving the company.
SK Hynix had signed a deal to buy the entire stake in Key Foundry from Magnus Semiconductor for 575.8 billion won from Magnus Semiconductor in October.
The deal was approved by antitrust authorities in South Korea and China in the first half of this year.
Key Foundry offers contract production of power management ICs, display driver ICs and microcontroller units with 8-inch wafers.
In 2021, the company had an annual revenue of 616 billion won.