Korea's MagnaChip shuts wafer fab

April 05, 2016 // By Peter Clarke
Analog and mixed-signal chip vendor and foundry supplier MagnaChip Semiconductor Corp. has closed its 6-inch wafer fab in Cheongju, Korea.

The closure took place on February 29, 2016, and on April 4, 2016, the company commenced a voluntary resignation program that is open to all of the 6-inch fab employees and certain other manufacturing employees.

The severance benefits will be paid in a combination of lump sum and 12 monthly installments. MagnaChip said that because of the voluntary nature of the program it could not provide an estimate of the cost that will be incurred.

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