taking asia head-on. this looks like a swell strategic move.
PRI Automation Expands Korean Operations; PRI Korea Joint Venture to Enhance Company's Asia Pacific Presence and Capabilities
May 26, 1998 01:13 PM
BILLERICA, Mass.--(BUSINESS WIRE)--May 26, 1998--PRI Automation, Inc. PRIA , a leader in semiconductor factory automation, announced today that it has established PRI Korea, Ltd., a joint venture with Chung Song Systems Co., Ltd., and Shinsung Engineering Co., Ltd. PRI Korea, headquartered in Boondang, Korea, will expand and enhance PRI's presence in the Asia Pacific region, enabling the company to provide the highest quality of local service and support for its customers. The joint venture will also provide a local manufacturing base for PRI's automated material handling products.
With the opening of PRI Korea, PRI becomes the first semiconductor factory automation supplier to establish a fully-functional operation in this important manufacturing sector. Mr. S.K. Suh, who served as president of Varian Korea, and is currently president of Chung Song Systems Co., Ltd., will be the president of the joint venture. Mr. W.K. Lee, president of Shinsung Engineering Co., Ltd., will serve on PRI Korea's board of directors.
"PRI Korea is clearly an investment in the future. We are confident that Korea will continue to be a major force in the industry," said Mitch Tyson, president of PRI Automation. "This joint venture demonstrates PRI's continuing commitment to expanding our local presence in the Asia Pacific region and our commitment to aligning PRI's business practices in Korea with the Korean government's desire to create a domestic semiconductor equipment manufacturing and supply infrastructure."
Samsung Electronics Co., Ltd. awarded PRI its first Korean contract in 1995. In 1996, PRI was awarded a contract from Anam Semiconductor for its new fab in Seoul. PRI also established a Korean subsidiary in 1996 to lead its expansion in the region. That subsidiary, which currently employs 18 people, will be incorporated into PRI Korea.
"By operating locally, PRI can provide Korean customers with more responsive and cost-effective service," said Bob Postle, vice president of sales, marketing and international operations for PRI Automation. "Mr. Suh is supremely qualified to lead this joint venture - he is a highly-respected Korean businessman who brings decades of experience in semiconductor manufacturing to PRI. His knowledge of the local market will ensure that PRI Korea is uniquely positioned to meet the needs of Korean customers."
"PRI is a known technology leader in the area of semiconductor factory automation," said Mr. Suh. "I am pleased to have the opportunity to work with PRI Automation to further develop the company's presence in the region and to bring the benefits of PRI's systems to more of the region's semiconductor manufacturers."
About PRI Korea
PRI Korea will provide the company's customers with sales, service and application engineering, project management, and planning and design services. PRI Korea will work closely with its Korean customers to meet their specific needs. Over the next two years, PRI Korea will develop plans to begin local manufacturing operations and will enter into joint R&D agreements with Korean semiconductor manufacturers to develop new products and services. PRI Korea will work closely with PRI Automation's other operation in Asia Pacific, PRI Taiwan, a wholly owned subsidiary with 25 employees supporting customers in Taiwan and Singapore. |
