SAFC Hitech(TM), a focus area within SAFC(R), a member of the Sigma-Aldrich Group, today announced that a Memorandum of Understanding (MoU) with the Gyeonggi Province of South Korea has been signed. The MoU signals the Company's intentions of exploring investment opportunities that may result in a facility being built in the province for the supply and manufacture of electronic materials.
The MoU was signed by SAFC Hitech President Barry Leese and Moon-Soo Kim, Governor of Gyeonggi Province, in a ceremony held in New York City, New York, on November 2, 2007. The MoU is part of an ongoing program of regional investment by Sigma-Aldrich Corporation. In September 2007, the Company announced its intent to invest in a facility at the Wuxi-New District Park (WND) located northwest of Shanghai, China.
Commenting on the possible expansion of SAFC Hitech's global presence into South Korea, Leese said, "We see South Korea as an important market for SAFC Hitech, with a very strong domestic electronics business that represents an excellent opportunity for us to supply electronic chemicals for use in the semiconductor market. Gyeonggi Province, in particular, has been extremely proactive and supportive of our intentions. We look forward to exploring a long and mutually beneficial relationship with the region."
SAFC President Frank Wicks added, "As part of the strategic plan SAFC laid out in 2005, we expect to increase our investment in a number of regions, including the Asia-Pacific markets. By exploring investment avenues with South Korea, we have the opportunity to accelerate sales growth in the Asia-Pacific region while, at the same time, increasing our capacity and allowing us to better serve our local and global SAFC Hitech customer base."