SEMI Working Group to Address Asian Crisis

Staff -- Semiconductor International, 3/1/1998

Semiconductor Equipment and Materials International (SEMI, Mountain View, Calif.) announced the formation of 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. The purpose of this new SEMI working group is to investigate the ways in which equipment and materials suppliers can best address this crisis and help to revitalize both 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 (San Jose, Calif.).

"The situation in Asia is of great concern to SEMI and to all of our members," said Stan Myers, president of SEMI. "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."