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Dongbu Electronics and Dongbu Hannong Chemicals, both publicly held Korean companies that operate within The Dongbu Group, today announced that their respective boards have agreed to a merger, effective May 1, 2007. The newly merged entity expects its synergistic union to create a world class "Bio-Semiconductor" enterprise that provides comprehensive foundry services as well as advanced chemicals and materials, including those used in bioengineering, nanotechnology and semiconductor processing.
Founded in 1953, Dongbu Hannong Chemicals has achieved significant growth and strategic diversification over the years. Its recent diversification efforts, especially into electronic materials such as silicon and silicon manganese for semiconductor processing, has set the stage for the merger with Dongbu Electronics, Korea's leading wafer processing foundry, which was founded in 1997.
While technological synergies and operational efficiencies are expected to result from the merger, the top management teams of the two merged companies will continue in their current roles. According to Dong-Cheon Cha, who has been serving as president of Dongbu Hannong Chemicals, "Our operation has been especially active in developing both new and improved materials for bioengineering, nanotechnology and semiconductor processing. Our commitment to expand our business into these areas is just as strong as the commitment we have demonstrated in the past to successfully build strong market positions in agrochemicals, compound fertilizers and Ferro alloys."
Commenting on the merger, Young Hwan Oh, who has been serving as president of Dongbu Electronics, said, "We are confident that the merger of our foundry operations into the newly merged entity will enhance our capabilities to deliver best-in-class foundry specialty solutions with the highest quality for high-volume markets." He confirmed that the foundry team will work diligently toward realizing the synergies that can come from the merger while steadfastly maintaining a customer-first philosophy and a sharp focus on achieving high yields with continuous quality improvement.
About Dongbu Electronics
Dongbu Electronics provides world-class CMOS processing for system-on-chip solutions that integrate advanced logic, analog, and mixed-signal technologies. As a “Specialty Solution Partner” in high-growth markets, such as those represented by mobile handsets and flat-panel displays, Dongbu adds high value with specialized processing for CMOS Image Sensor (CIS), High Voltage, Embedded Flash, and LCD Driver IC (LDI) functions. Dongbu’s collaborate-and-thrive approach is evident across the entire manufacturing spectrum including prototype development/verification, packaging/module development, complete turnkey solutions, and accelerating time to volume production. The company’s stock is publicly traded under 001830 on the Korea Stock Exchange. For more information, visit http://www.dongbuelec.com .
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Dongbu Electronics Korea/Asia
Kevin Lee, +82-17-337-4698
Dongbu Electronics USA/ Europe
Elizabeth Estrella-Basilio, +1-408-238-8822
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