Hyundai renames and dumps everything but chip business
Welcome Hynix Semiconductor
Hyundai has announced a massive restructure that will see it dump everything apart from its semiconductor business, and trade under the new name Hynix Semiconductor.
Hyundai has had a terrible time of late and wants to rebrand itself as a hi-tech company, away from the perceived stigma of the Hyundai name. It has already got rid of its computer manufacturing, image solution, and satellite arms and now plans to finished the job by spinning off its LCD and telecoms sections by May, reports the Korea Herald.
This new chip-only company will be called Hynix Semiconductor which "connotes both 'high electronics', putting an accent on its cutting-edge image, or 'hi, electronics' stressing technology's intimacy with everyday life".
"By the second half of this year, we'll only be operating the semiconductor division," a spokesman said. So it would seem that they're serious. Unfortunately, the announcement of this bold reconstruction coincided with a drop in the company's credit rating from B to B-minus.
The company hasn't got any cash - something that will be resolved by selling off its various businesses, presumably for cash. ®