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IIAC Concludes Concession Agreement for Expansion of Global Semiconductor Plant



IIAC Concludes Concession Agreement for Expansion of Global Semiconductor Plant

IIAC concluded a concession agreement with STATS ChipPAC Korea on the 25th for expansion of its semiconductor manufacturing plant in the logistics complex of Incheon Airport.

STATS ChipPAC Korea is a spin-off corporation that used to be the semiconductor business division of the former Hyundai Electronics. Hyundai Electronics spun off its semiconductor division (ChipPAC) in 1998 on a foreign investment deal; ChipPAC merged with STATS of Singapore (a Temasek Group affiliate) in 2004 to incorporate STATS ChipPAC Korea of today.

STATS ChipPAC Korea kicked off construction project of its semi-conductor chip production plant in the logistic complex of Incheon Airport in September, 2013, completed the construction covering 110,117㎡ in fourteen months, and commissioned the plant at the end of June. The plant now posts 700 billion won in annual revenue and employs about 2,300 persons.

The STATS ChipPAC Korea plant to be added this time covers about 120,000㎡ and is scheduled to be completed in part by 2016 and finally finished by 2017. When the entire plant is completed in 2017, it will generate annual revenue of over 2 trillion won and about 4,000 tons of air cargo, adding more than 3,000 jobs in Incheon. The plant is expected to increase air cargo service volume of Incheon Airport making significant contribution to the local economy of Incheon and the national economy.

The Seoul Regional Aviation Administration, Incheon Municipal Government, Incheon Customs Office, and the IIAC are committed to actively expedite the applicable permit/authorization processes to facilitate the cutting-edge semiconductor chip production plant of STATS ChipPAC Korea without any delay.
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