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PHOTRONICS SET TO BUILD MAJOR CHIP PLANT IN CHINA.
(Full text of a statement. Contact details below.)
SHANGHAI, Feb. 28 PRNewswire-FirstCall-Asianet - Photronics, Inc. (Nasdaq: PLAB), the world's leader in sub-wavelength reticle solution technology, today outlined its strategy for expansion into China during a land grant signing ceremony with officials from the Zhangjiang Hi-Tech Park Development Corp.
The Company established Photronics International Trading (Shanghai) Co., Ltd. in Waigaoqiao Free Trade Zone last year and has been operating an office in Pudong. The recently approved new company, Photronics Imaging Technologies (Shanghai) Co., Ltd., a wholly owned foreign enterprise (WOFE), has announced plans that include building China's most advanced reticle fabrication facility in the Zhangjiang Semiconductor Industrial Park, the center of the country's semiconductor industry development efforts.
Over the next five years, Photronics plans to deploy approximately $300 million in infrastructure and advanced photomask manufacturing technologies necessary to support China's rapidly growing semiconductor and wafer foundry industries.
Construction of Photronics' first mega-photomask fabrication facility will begin early in the second half of this year and should be completed early in the first quarter of 2003.
Zhou Yu Peng, Vice Mayor of Shanghai stated, "Shanghai is pleased to welcome Photronics, one of the world's leading high technology companies, to Zhangjiang.
Photronics will play a key role in the success of China's rapidly developing semiconductor industry."
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