ASM signs MOU with Korean Development Bank

ASM and its subsidiary, KSM Metals Co., Ltd, have signed a non-binding Memorandum of Understanding (MOU) with the Korean Development Bank (KDB) and the Chungcheongbuk-do Province.

The MOU provides for cooperation in the areas of research and development, investment activities and development of a rare earths cluster in Chungcheongbuk-do, where ASM’s Korean Metals Plant is located.

The MOU was signed at a formal ceremony attended by Mr Byung Chul Jung, Executive Director, SME Banking Division of Korea Development Bank and Mr Myung-Kyoo Kim, Chungcheongbuk-do Vice Governor for Economic Affairs.

ASM’s Chief Executive Officer, Ms Rowena Smith, said of the MOU signing:

“ASM welcomes this opportunity to work with the Korean Development Bank and the Chungcheongbuk-do Provincial government to progress a rare earths cluster in the province.”

“We hope that by working together, we will strengthen the supply chain and see growth in magnet and battery producing operations in Chungcheongbuk-do Province where our flagship Metals Plant is located.”

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