Kingston Technology, based in Fountain Valley California, will become the majority shareholder in a joint venture set up with Phison Electronics, one of its Taiwanese suppliers.
Phison Electronics will sell its shares in the joint venture called Kingston Solutions, Inc. (KSI) to the Fountain Valley company, which announced the transaction earlier today, August 11, 2020. The deal is worth nearly $60.3 million US.
Kingston, a maker of memory products for computers and consumer electronics, is Orange County’s largest private company. The firm, led by co-founder and chief executive John Tu, had revenue of $12.8 billion last year.