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Politics : Formerly About Applied Materials

AMAT 319.11

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Jan 15 3:59 PM EST

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To: StanX Long who wrote (55386)	11/13/2001 2:51:07 AM
From: StanX Long	Read Replies (1) of 70976

Tuesday November 13, 2:53 PM Hynix sells handset unit to Korean firms sg.news.yahoo.com SEOUL (Reuters) - South Korea's Pantech Co and KTB Network Co have agreed to buy a mobile handset unit from struggling Hynix Semiconductor Inc for as much as $126 million, a Pantech official said on Tuesday. The consortium expects to sign a contract as early as this week to take control of the unlisted Hyundai Curitel for between 150 billion won ($118 million) and 160 billion won, Chae Kwang-seok, a Pantech official, told Reuters. A Hynix <00660> executive confirmed the sale, adding it expected to garner about 160 billion won from the transaction. The sale will help relieve a cash shortage at Hynix, which is struggling to pay more than $6 billion in debt and is trying to sell off assets as part of pledges made to creditors in exchange for two bailouts this year. For Pantech <25930>, "the deal will strengthen the production base as sales keep increasing," Chae told Reuters. Pantech, which supplies mobile handsets to Motorola Inc , forecast its sales would rise from 287 billion won last year to 400 billion won this year

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