With the price of memory modules and SSDs are rising, because of a trend of shortage supply and more priority to mobile devices, in order to meet increasing global demand SK Hynix has announced it will build a new factory in Cheongju, South Korea, to meet the growing demand for NAND flash memory. To do this, the company has made a total investment amounting to 1,800 million dollars, the new plant will be operational in June 2019.
SK Hynix to Build New Factory for NAND Flash Memory
“The new factory to be built in Cheongju will become a part of our key production facilities to prepare for the next fourth industrial revolution,” said Sung Wook Park, SK Hynix’s CEO.
In August 2015, SK Hynix finished building M14 factory in Icheon, and after that the company announced that they want to increase their profits exponentially (KRW 46 trillion, about 38.000 million euros) by giving life to three additional factories. Despite this, in the world of computer, currently SK Hynix is covering half of the total production of DRAM chips. In 2015, 82 million gigabytes worth of NAND flash memory was sold. This will grow to 508 million in 2020, an annual growth of 44 percent, also according to IHS.