/C O R R E C T I O N -- Ferrotec Holdings Corporation/

In the news release, FERROTEC CHOOSES MALAYSIA TO EXPAND MANUFACTURING CAPACITY TO GROW ITS GLOBAL BUSINESS, issued 23-May-2022 by Ferrotec Holdings Corporation over PR Newswire, we are advised by the company that in the second sentence of the second paragraph, "80,000 square feet" should read "800,000 square feet" as originally issued inadvertently. The complete, corrected release follows:

FERROTEC CHOOSES MALAYSIA TO EXPAND MANUFACTURING CAPACITY TO GROW ITS GLOBAL BUSINESS

The Facility is aimed to acquire the abilities to develop a customer support system and establish a position as a global leader in the manufacturing and assembly of cutting-edge materials in the semiconductor manufacturing equipment field.

KEDAH, Malaysia, May 23, 2022 /PRNewswire/ -- Ferrotec Holdings Corporation, a global supplier of materials, components, and precision system solutions, has announced its establishment of the new manufacturing facility at Kulim Hi-Tech Park, Kedah, facilitated by the Malaysian Investment Development Authority (MIDA). The plant which will be undertaking electromechanical assembly and advanced material fabrication for semiconductor equipment is designed to meet customer needs while also expanding the Group's business globally.

The plant is expected to kickstart its operation in 2023. With a total investment expected to exceed RM500 million and at a facility of more than 800,000 square feet, the project is anticipated to create approximately 250 high-value jobs for Malaysians. As a tier 1 company supplying to MNCs in semiconductor industry, the company has committed to provide training to Malaysian employees at the factories in Japan and the United States. 

"Ferrotec's decision on choosing Malaysia as a destination of choice for its high-tech manufacturing facility speaks volumes of our talent readiness, strength and capability of our manufacturing and business ecosystems. Indeed, Ferrotec's presence in Malaysia will turbocharge our local talent development and strengthen our value proposition in the global supply chain," said Dato' Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry (MITI).

He also stressed that Ferrotec's investment will open up greater possibilities for other global companies in the industry to follow suit and invest in Malaysia. He added that this major investment is poised to realise Malaysia's long-term aspiration of becoming a global manufacturing hub.

In 2021, the machinery and equipment (M&E) industry received 48 approved projects worth RM1.67 billion in investment from both foreign and domestic sources. These projects are expected to generate 2,500 employment opportunities, with about 56 percent of employees in the managerial, technical and engineering related skills. The specialised M&E for specific industries sub-sector is the largest contributor of investment for 2021, with 16 projects totalling RM592 million approved. 

"Ferrotec has seen increasing demand for our products and services in Asia. With this new production facility, we expect to provide expanded capacity, improve business continuity for critical activities, and most importantly, ensure that our customers do not experience disruptions to their supplies from us," said Eiji Miyanaga, Chief Executive Officer of Ferrotec (USA) Corporation.

Datuk Arham Abdul Rahman, CEO of MIDA concluded "It is encouraging to know that Ferrotec, who is the key supplier to a leading global front-end wafer fabrication equipment manufacturer has decided to establish a plant in Kulim, Kedah. With Malaysia's attractive talent pool, positive investment environment, and diversified supply chain among others, I am optimistic that Ferrotec will benefit from the spillovers the nation has created and have more to offer to its global customers."

To continue transforming the industry, the Malaysian government encourages investors to invest in state-of-the-art technologies that can support advanced manufacturing processes across supply chains.

About MIDA

MIDA is the government's principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn and YouTube.

About Ferrotec

Founded in 1980, on a technology core of Ferrofluid magnetic liquid and Ferrofluidic® sealing products, Ferrotec Holdings Corporation (6890 TSE Standard) is a worldwide leader in the supply of materials, components, and precision system solutions for industrial businesses. Ferrotec is a diversified world-class industrial organization with a global presence in a broad array of technology driven end markets (semiconductors, automotive, biomedical applications, smart phones, LEDs and FPDs). More information about Ferrotec's products can be found at www.ferrotec.com  

For more information, please contact: 

Ms. Zakiah Sajidan
Director, Machinery & Metal Technology Division, MIDA
E: [email protected]
T: +603-2267 3628

Mr. Tom McKee
Marketing Communications Manager
E: [email protected]
T: +1 (408)-964-7700

SOURCE Ferrotec Holdings Corporation