BILLERICA, MA — Dec. 05, 2000 — Semiconductor factory automation giant PRI Automation and Shinsung Engineering Co., a manufacturer of semiconductor cleanroom equipment, have signed a strategic alliance agreement which will allow both companies to expand manufacturing capabilities.
Under the deal, Korea-based Shinsung will assemble PRI’s automated storage and retrieval systems for customers in Asia. At the same time, PRI will make a minority investment of $12 million in Shinsung Engineering, giving PRI around 12 percent of the outstanding shares.
“The agreement with Shinsung gives us the manufacturing capacity we need to better serve out growing base of Asian customers and is one of the ways in which we are improving our manufacturing flexibility,” said Mitch Tyson, president and CEO of PRI Automation. “Shinsung is an outstanding company with a successful track record in the semiconductor capital equipment business in Korea.”
Shinsung officials are also lauding the deal, and say the company has increased its manufacturing capability and has begun assembling and shipping product to one of PRI’s Korean customers.