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Dongbu Electronics and Dongbu Hannong Chemicals to join forces

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Dongbu Electronics and Dongbu Hannong Chemicals, both publicly held Korean companies that operate within The Dongbu Group, have announced that their respective boards have agreed to a merger, effective in May 2007.

Dongbu Electronics and Dongbu Hannong Chemicals, both publicly held Korean companies that operate within The Dongbu Group, have announced that their respective boards have agreed to a merger, effective in May 2007. The newly merged entity expects its synergistic union to create a "Bio-Semiconductor" enterprise that provides comprehensive foundry services as well as advanced chemicals and materials, including those used in bioengineering, nanotechnology and semiconductor processing.

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 market position 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.

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