Memorandum of Understanding Signed with South Korean Gyeonggi Province
ST. LOUIS, Nov. 5 /PRNewswire-FirstCall/ -- SAFC Hitech(TM), a focus area within SAFC(R), a member of the Sigma-Aldrich Group (Nasdaq: SIAL), 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."
SAFC(R) is the custom manufacturing and services group within Sigma-Aldrich that focuses on products and services for high technology applications, cell culture products and services for biopharmaceutical manufacturing, biochemical production and the manufacturing of complex, multi-step organic synthesis of APIs and key intermediates. SAFC has manufacturing facilities around the world dedicated to providing manufacturing services for companies requiring a reliable partner to produce their custom manufactured materials. SAFC has four focus areas -- SAFC Pharma(TM), SAFC Supply Solutions(R), SAFC Biosciences(TM), and SAFC Hitech(TM) -- and had annual sales of nearly $500 million in 2006. SAFC is one of the world's 10 largest fine chemical businesses. For more information about SAFC, visit http://www.safcglobal.com.
About SAFC Hitech:
SAFC Hitech provides a unique chemistry service translating application understanding into performance materials worldwide. Through collaborative partnerships and an integrated approach from research and development, process development and scale up to commercial manufacturing, SAFC Hitech invests in innovation and manufacturing enabling current and future technology needs. Further information can be found at http://www.safchitech.com
Sigma-Aldrich is a leading Life Science and High Technology company. Our biochemical and organic chemical products and kits are used in scientific and genomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical and other high technology manufacturing. We have customers in life science companies, university and government institutions, hospitals and in industry. Over one million scientists and technologists use our products. Sigma-Aldrich operates in 36 countries and has 7,800 employees providing excellent service worldwide. We are committed to accelerating Customers' success through leadership in Life Science, High Technology and Service. For more information about Sigma-Aldrich, please visit our award-winning web site at http://www.sigma-aldrich.com.
This release contains forward-looking statements relating to future performance, goals, strategic actions and initiatives and similar intentions and beliefs and other statements regarding the Company's expectations, goals, beliefs, intentions and the like, which involve assumptions regarding the Company's operations and conditions in the markets the Company serves. The Company does not undertake any obligation to update these forward-looking statements.
SAFC(R) and SAFC Supply Solutions(R) are registered trademarks of Sigma-Aldrich Biotechnology L.P. and Sigma-Aldrich Co., Sigma-Aldrich(TM), SAFC Pharma(TM), SAFC Biosciences(TM) and SAFC Hitech(TM) are trademarks of Sigma-Aldrich Biotechnology L.P. and Sigma-Aldrich Co.
|SOURCE Sigma-Aldrich Group|
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