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Technology Stocks : Amkor Technology Inc (AMKR) -- Ignore unavailable to you. Want to Upgrade?

To: AnnaInVA who wrote (33)	12/10/1998 12:45:00 PM
From: Deanne	Respond to of 1056

Amkor Technology, Inc. Negotiating Acquisition of Anam Semiconductor's Packaging and Test Facility BusinessWire, Thursday, December 10, 1998 at 06:46 WEST CHESTER, Pa.--(BUSINESS WIRE)--Dec. 10, 1998--Amkor Technology, Inc. (NASDAQ:AMKR) today announced that it has signed a non-binding letter of intent to enter into negotiations with Anam Semiconductor, Inc. (ASI) for the possible acquisition of Anam's semiconductor packaging and test facility located in Kwangju, Korea. The Kwangju facility, known as "K4," is the largest and newest of ASI's four semiconductor packaging and test operations in Korea. K4 is a state-of-the-art semiconductor packaging and test facility with over one million square feet of manufacturing and support space and encompasses more than 100 acres of land, which provides for future expansion opportunities. Currently, it is producing advanced semiconductor packages including PBGA, MicroBGA, SuperBGA and TSOP. Amkor is negotiating to acquire all of K4's land, buildings, equipment and other operating assets, and the transfer of the trained workforce as appropriate. "K4 would be an excellent compliment to Amkor's other packaging operations and would provide Amkor with capacity for our future technological growth," said John Boruch, Amkor President. "With the purchase of K4, Amkor would reduce its dependence on Anam's assembly and test capacity under contract from the current level of approximately 67% of Amkor's assembly and test revenue to approximately 40%. In addition, gross profit dependence would be reduced from approximately 47% to approximately 20%. Amkor's interest in acquiring the K4 facility is subject to Anam's successful restructuring of its bank debt and improving its balance sheet," said Boruch. The contemplated transaction would depend upon the availability of appropriate financing, the completion of due diligence by Amkor, and the satisfaction of certain other considerations. S.G. Cowen, in conjunction with Societe General has been engaged as the lead bank to raise the financing for the transaction. A special review committee, consisting of the four outside members of the Amkor Board of Directors, has been appointed to review all aspects of the transaction, including the appointment of an independent financial institution to provide a fairness opinion. The final negotiated transaction would require the approval of both Amkor's and Anam's Board of Directors and Anam shareholders as appropriate. Amkor Technology, Inc. is the world's largest independent provider of semiconductor packaging and test services. The company offers a complete set of services including deep submicron wafer fabrication, wafer probe testing, IC packaging assembly and design, final testing, burn-in, characterization and reliability testing. More information on Amkor Technology, Inc. is available from the company's SEC filings and on Amkor's web site, amkor.com. Amkor Technology, Inc. is traded on the Nasdaq National Market under the symbol AMKR. CONTACT: Amkor Technology Inc. Frank Marcucci, 610/431-9600 or Stapleton Communications Inc. Kristine Mozes, 650/470-4225 KEYWORD: PENNSYLVANIA INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1998, Business Wire