Bad news for Hynix is translating into good news for the memory chip industry.
The world's second largest memory chipmaker will close its U.S. plant and slash production 30 percent, bringing relief to an industry plagued by glut.
This comes in the wake of a 30 percent cut in flash chip production at Toshiba and SanDisk announced Monday.
As part of this reduction in output, Hynix is expected to sell its U.S. production unit before the end of the year, according to a Reuters report citing a story in the Seoul Economic Daily on Thursday.
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