Korean government officials from the Gyeonggi-do province and executives at Lam Research Corporation (Nasdaq: LRCX), a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, both signed a memo of understanding (MOU) to establish the Korea Technology Center (KTC), a research and development facility with a focus on key equipment for semiconductor manufacturing processes.
The initial investment of $50 million from Lam Research will provide engineers with premium equipment for semiconductor manufacturing processes. The KTC will join Samsung Electronics, located in the cities of Giheung, Hwaseong, and Pyoengtaek and SK Hynix, located in Icheon and Yongin are all in the Gyeonggi-do province and the addition of the KTC will help form the world’s largest semiconductor cluster.
“The success of Lam Research in Gyeonggi-do is a success for our business and economy, and it’s a great help for our citizens. Therefore, I will organize a ‘dedicated department’ to do our best to support them. They will experience the promptness of the Gyeonggi-do administration. I hope for the success of Lam Research for the local economy of Gyeonggi-do,” said Gyeonggi-do Gov. Lee Jae-myung.
Their new technology center will create over 300 new engineering jobs while providing a localized space to support necessary equipment.
“One of the biggest issues in the Korean economy is speeding up the localization of equipment and materials. In this respect, Lam Research’s investment decision will be greatly welcomed by not only Gyeonggi-do but also from all of Korea. I hope we can host manufacturing facilities in addition to the Korea Technology Center in the near future,” said Gov. Lee.
Gyeonggi Gov. Lee Jae-myung and Timothy M. Archer, president of Lam Research Corporation signed the MOU for the Gyeonggi-do and Lam Research investment. Inhak Suh, Chairman of Lam Research Korea, and his team, were among the 20 people who participated.
“This MOU agreement between Lam Research and Gyeonggi-do is part of our ongoing effort to provide better service to our customers worldwide,” said Timothy M. Archer, Lam Research Corporation President. “We will be able to shorten the learning cycle for Lam and provide faster service to our customers by narrowing the geographic distance between our suppliers and our suppliers’ facilities.”
Under this agreement, Lam Research will work to support various licenses and make efforts to resolve any difficulties that may arise in order to successfully implement the investment plan. Lam Research’s global equipment manufacturing facility called Lam Research Manufacturing Korea, is also based in Osan, Gyeonggi-do.