Seoul, Korea, February 15, 2001
Hyundai Electronics Industries Co., Ltd. (HEI) announced today it would spin-off the satellite service unit to establish an independent corporation. This separation is the first step in HEI’s restructuring strategy to sell non-core businesses and concentrate on semiconductor operations. The newly launched company, named Space Broadband Corporation, selected Mr. Hang-Koo Park as president. Mr. Park is currently in charge of satellite and North Korean businesses at HEI. HEI plans to complete the transfer of its satellite related organizations and projects to Space Broadband by early April this year. Space Broadband will assume responsibility of the basic communication industry from HEI, who had acquired the rights from the Ministry of Information and Communication in August 2000. The new company will lease satellite communication lines to both the high-speed Internet and broadband multimedia service providers in local and Asia Pacific markets. The first broadband communication satellite is expected to be launched into the government allocated Infosat-B orbit in 2003. Space Broadband plans to raise investment funds from local and overseas communication providers and satellite manufacturers through Credit Suisse First Boston. About Hyundai Electronics Industries Co., Ltd. Hyundai Electronics Industries Co., Ltd. (HEI) of Ichon, Korea, is an industry leader in the development, sales, marketing and distribution of high-quality semiconductors (including DRAM, SRAM, Flash memory and system IC devices), telecommunications and liquid crystal displays. The Semiconductor Group of Hyundai Electronics is the world’s largest DRAM supplier with 11 semiconductor manufacturing facilities worldwide, and production capacity of over 300,000 wafer starts per month. In addition, Hyundai is expanding its system IC business unit with leading technology and added deep-submicron foundry services to strategically broaden its overall semiconductor presence and achieve its goal of leading the global semiconductor market. Based in Korea, HEI maintains development, manufacturing, sales and marketing facilities strategically located worldwide.
