Tuesday, July 14th 2020
Phison to Sell Shares in Joint Venture to Kingston Technology
Kingston Technology Europe Co LLP, an affiliate of Kingston Technology Company, Inc., a world leader in memory products and technology solutions, today announced Phison (TPEx:8299) will sell its shares in Kingston Solutions, Inc. (KSI), a joint venture with Kingston Technology Corporation, to Kingston. The transaction will enable Kingston to become the majority shareholder of KSI. Phison will continue to focus on technology and R & D; and, give Kingston the best-in-class support and service.
In 2010, Phison and Kingston formed KSI as a joint venture to accelerate the adoption of eMMC (Embedded Multi-Media Card) solutions by easing the design-in effort and speeding up the product design cycle. This allowed both companies to bring their products to market faster. KSI leveraged Phison's expertise in controller technology with Kingston's operational proficiency in memory solutions to quickly become a market leader in the embedded industry.
K.S Pua, CEO and chairman of Phison, said, "Kingston is not only a long-term partner of Phison, but also one of the key enablers of Phison's growth, our relationship remains strong and will continue. We are selling our shares in KSI to Kingston so we can focus on further developing our core technology as well as better strategize our business goals. This JV between our two companies has been very successful and served its purpose to expedite market adoption of eMMC. Phison remains committed to providing the same excellent level of technical support to KSI and its embedded memory customers as before."
"As the industry and our businesses have grown over the past 10 years, the timing is right for this transaction. This gives Kingston more flexibility to service its diverse customer base worldwide as well as allowing for better strategies and resources alignment between KSI and its parent company, Kingston Technology," said Darwin Chen, chairman, Kingston Solutions, Inc. "Phison continues to be our long-term strategic technology partner as their controllers power many Kingston products including SSDs, USB drives and memory cards."
The equity transaction amounted to NT$1,781,640,000.
In 2010, Phison and Kingston formed KSI as a joint venture to accelerate the adoption of eMMC (Embedded Multi-Media Card) solutions by easing the design-in effort and speeding up the product design cycle. This allowed both companies to bring their products to market faster. KSI leveraged Phison's expertise in controller technology with Kingston's operational proficiency in memory solutions to quickly become a market leader in the embedded industry.
"As the industry and our businesses have grown over the past 10 years, the timing is right for this transaction. This gives Kingston more flexibility to service its diverse customer base worldwide as well as allowing for better strategies and resources alignment between KSI and its parent company, Kingston Technology," said Darwin Chen, chairman, Kingston Solutions, Inc. "Phison continues to be our long-term strategic technology partner as their controllers power many Kingston products including SSDs, USB drives and memory cards."
The equity transaction amounted to NT$1,781,640,000.
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