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  • SEMI Forms Group to Address Asian Financial Crisis
  • February 4, 1998 (BOSTON) -- The Semiconductor Equipment and Materials International (SEMI) trade association formed a working group of chief financial officers from leading semiconductor equipment suppliers to explore sources of capital for long-term growth and financing in Asian markets.

    The Asian financial crisis has made it difficult for semiconductor device manufacturers in the region to sustain the liquidity necessary to continue planned investments for facilities and new technology, SEMI said.

    The purpose of this new SEMI working group is to investigate ways for equipment and materials suppliers to best address the financial crisis and help to both revitalize the Asian economies and the semiconductor-related industries in the region. The group will be chaired by Robert Smith, chief financial officer of Novellus Systems, Inc.

    "The situation in Asia is of great concern to SEMI and to all of our members," said Stan Myers, president of SEMI, an international group of semiconductor equipment makers with its head office in Mountain View, CA.

    "The Asian markets are an integral and critical part of the global economy, and we believe that the strengthening of the Asian economy will lead to the stabilization of currencies, improve overall financial health and ensure open markets," he said.

    Myers added that as an international association, SEMI recognizes the need to address these issues on a global level, and that the success of the semiconductor equipment industry is heavily dependent on the health of SEMI members and their customers as global trading partners.

    Last week, Myers met with key government leaders in Washington, DC, to discuss the ongoing situation in Asia. He affirmed SEMI's support of both the International Monetary Fund efforts to stabilize the health of the Asian economies and the efforts by the U.S. government to help stabilize the Asian currency markets.

    (Lori Valigra, Asia BizTech Correspondent)

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    Updated: Tue Feb 3 14:41:48 1998