(Nikkei BP Group)
(No.1 High-Tech News Site in Japanese)
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| Korea's Top Groups to Reorganize; Hyundai, LG to Merge IC Units
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September 9, 1998 (TOKYO) -- The Federation of Korean Industries (FKI)
and representatives from Korea's top five industrial conglomerates,
or chaebols, announced that the Hyundai, Samsung, LG, Daewoo and SK
groups agreed on a reorganization plan.
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The FKI comprises Korea's industrial conglomerates.
The conglomerates hope to reduce excess capacity and investments, while
enhancing their global competitiveness in various industrial sectors,
including semiconductors, aircraft, oil refining and shipbuilding.
Hyundai Electronics Industries Co., Ltd. and LG Semicon Co., Ltd., both
leading DRAM producers, are expected to merge their semiconductor operations
in accordance with the reorganization plan.
"The government greatly appreciates the agreement made by the conglomerates,
and we are convinced that the plan will contribute to the development
of Korea's key industries in the long run," a high-ranking official
of the Ministry of Commerce, Industry & Energy told a reporter from
Nikkei Business Publications, Inc.
Related story: Hyundai
Elecs., LG Semicon to Merge into World's Top DRAM Maker
(Nikkei Microdevices)
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