SEOUL, South Korea and SAN JOSE, Calif., March 28, 2016 /PRNewswire/ -- MagnaChip Semiconductor Corporation ("MagnaChip") (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced that its cumulative shipment of display driver ICs for organic light-emitting diode (OLED) TVs has surpassed the 6 million cumulative unit mark since initial shipments began in 2013.

The OLED Display driver IC is a critical semiconductor component transmitting both digital and analog signals to an OLED panel which in turn creates and displays an image. OLED displays require a significantly higher level of device and panel development technology as well as enhanced manufacturing processes beyond what is required for generic flat panel LCD displays. MagnaChip has been supplying its display driver ICs to top-tier OLED TV makers since 2013 and will continue to enhance its OLED product performance and portfolio of products to address the needs of customers in this expanding market.

Market research firm IHS Inc., has projected that the global OLED TV market will record double-digit unit growth into 2020 and beyond while demand for flat panel LCD TVs will remain flat.

OLED TV market forecast (million units) 

* Source: IHS Inc. OLED TV shipment forecast

"MagnaChip has been a leader in the development and manufacture of OLED display drivers from the beginning and is well positioned to participate in the growth of this expanding market," said YJ Kim, MagnaChip's CEO. "We will continue to strengthen our technology and deliver differentiated and high-quality products in order to meet the growing needs of our global customers."

About MagnaChip Semiconductor Corporation
Headquartered in South Korea, MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. MagnaChip believes it has one of the broadest and deepest ranges of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, a large portfolio of registered and pending patents, and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through, MagnaChip's website is not a part of, and is not incorporated into, this release.

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SOURCE MagnaChip Semiconductor Corporation