(By Balaseshan) Magnachip Semiconductor Corp. (NYSE: MX), a Korea-based manufacturer of analog and mixed-signal semiconductor products, said it has entered into a sales distribution agreement with Germany-based distributor Ineltek GmbH.
Under the terms of the agreement, Ineltek will distribute Magnachip's power semiconductor products throughout Europe providing Magnachip with access to new high growth markets and customers.
Ineltek, which is a Germany-based distributor of advanced semiconductor products and services in Europe, offers an extensive range of semiconductor products with a tradition of exceptional technical support and engineering services.
Ineltek's wide distribution network includes sales and support offices in eight countries as well as individualized on-site customer assistance.
"We are very pleased to add Ineltek GmbH to our distribution network in Europe. Ineltek's extensive customer network and application expertise is very complementary to Magnachip's growing portfolio of power semiconductor solutions," said Brent Rowe, Magnachip's Executive Vice President of worldwide sales.
Magnachip offers display solutions products, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in liquid crystal displays (LCDs), light emitting diodes (LEDs), 3D televisions and displays, mobile PCs and mobile communications, and entertainment devices.
MX closed Tuesday's regular session up 2.67% at $13.47. The stock has been trading between $7.05 and $14.42 for the past 52 weeks.