Magnachip Semiconductor (MX) said Tuesday that it will shut down its Display segment by the end of Q2 after failing to reach acceptable deal terms with potential buyers.

Magnachip said it will focus as a pure-play Power discrete and Power IC company.

The company said it will continue to evaluate opportunities to monetize Display assets.

Magnachip said the liquidation process is expected to result in a 30% to 35% reduction in annualized operating expenditures compared to last year.