Intel Corp. agreed to sell its Nand memory unit to South Korea’s SK Hynix Inc. for about $9 billion, part of a broader effort by the U.S. chipmaker to concentrate on its main business. The Asian memory chipmaker said in a statement Tuesday it will pay 10.3 trillion won for the Intel unit, which makes flash memory components for computers and other devices. Intel shares are down about 9% so far this year, while the benchmark Philadelphia Semiconductor Index is up almost 29%. Read more: Intel ‘Stunning Failure’ Heralds End of Era for U.S. Chip SectorShedding another non-core business could help Intel focus on fixing its chip technology woes. Intel had previously said for several months it was exploring options for the flash group.

Source: Mint October 20, 2020 00:22 UTC