EUGENE, Ore. -- A South Korean company said Wednesday it will sign a formal contract to buy a Eugene plant that Hynix Semiconductor Inc. closed last year.

Uni-chem Co. Chairman says his company plans to take over Hynix's former memory chip plant and the accompanying land for $45 million. He plans to seal the deal Friday.

The final price is below the $50 million the two companies signed in a memorandum of understanding in August and far below the $252 million Hynix spent to buy the land and build the factory shell a decade ago.

Uni-chem, which provides leather to Hyundai Motor Co., Kia Motors Corp. as well as to luxury goods companies is venturing into U.S. solar manufacturing. The Chairman of Uni-chem says his company plans to use the Eugene facility to make solar cells for solar panels.