Hyundai spins off ChipPAC to US consortium for $550 million

The Korean press reported today that Hyundai has sold its US subsidiary ChipPAC to Bain Capital and Citicorp for a reported half a billion dollars. Hyundai will continue to hold a 10 per cent stake in the firm, which assembles chips and manufactures test equipment, according to the Korea Herald. The move is part of Hyundai's plan to divest itself of non-essential businesses as it raises the necessary cash for the merger of its own semiconductor business with LG Semicon. ®