Kingston Technology Co. has sold their Payton subsidiary to China’s Shenzhen Kaifa Technology Co. Ltd.
Financial terms of the deal were not disclosed, and the deal still needs approvals from the Chinese government. Kaifa will assume one-hundred-percent equity stake in Payton.
The deal will enable Payton to expand its horizons into wider areas for semiconductor packaging and testing as the computer industry continues to evolve. The agreement allows Payton to get its foot in the door in the Chinese market by attracting local customers and possible future capital injections. Both companies have stated their desire to continue working together in the future once the agreement is complete.
Kingston is memory products maker for computers & electronics. They design, manufacture, and distribute memory products such as USB drives, flash cards, solid-state drives, memory units, and wireless devices. Their technology can be used for desktop computers, laptops, servers, printer, Flash memory products, mobile phones, digital cameras, MP3 players, and PDAs.
Kingston has a global network of affiliates, spanning countries such as China, India, Australia, Canada, and most of Europe. Their reported revenue last year was $5.9 billion. The Fountain Valley, California-based company has been provided with back-end wafer processing and supply chain management services by Payton Shenzhen since 1999.
Forbes has listed Kingston as number 94 on the list of “500 Largest Private Companies in the United States” and number 48 on the “Top 500 Private Companies in the United States.” They are also listed as #1 in the Technology Hardware & Equipment category.
Others accolades and distinctions Kingston has achieved include the 2013 HIS iSuppli Applied Market Intelligence award as the world’s number one memory module manufacturer for the third-party memory market. In 2011, Inc.com ranked them number four in total revenue, as well as number one in revenue in the computer hardware category.
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