AlliedSignal, Kohap, S.K. Chemicals and Sam Yang Join Forces; Form New Asian Performance Fibers Company.SEOUL, South Korea--(BUSINESS WIRE)--Oct. 26, 1998--AlliedSignal Inc. announced today that it will join with Kohap Ltd., S.K. Chemicals Ltd., and Sam Yang yang (yang) [Chinese] in Chinese philosophy, the active, positive, masculine principle that is complementary to yin; see yin, under principle. Corporation to form a new Asian Performance Fibers company based in South Korea. The new company will be the premier marketer of high tenacity performance fiber in Asia. Under the terms of the agreement, the new company will market the high tenacity performance fibers produced by all four companies in the South East Asian area. The four companies will continue to own and operate their facilities to manufacture the range of products. Technology to modify and expand the product range will be supplied by AlliedSignal, who will have a majority ownership in the new company. In announcing the new venture, Fred Festa, Vice President of AlliedSignal's Performance Fibers business, said, "This unique new company combines the exceptional operational skills of three major Korean companies and AlliedSignal's experience in developing and marketing a broad range of value-added, high technology, performance fiber products and processes. We are confident this will allow for a rapid expansion of product and service offerings and accelerated growth for all four companies." AlliedSignal Vice President Dr. David Pendlebury led the multi-company team that developed this innovative combination. "Clearly, a major emphasis in the development of this venture was to ensure that the operating philosophy and the inter-personal relationships amongst the four companies could be successfully sustained over the long term," said Pendlebury. "Fortunately, we found that our values are, surprisingly, very similar. Over the course of discussions, we developed a healthy respect for each other that will form a solid basis for successful, enduring cooperation." AlliedSignal will have overall majority interest in the new company and Sam Yang Corporation will have the majority amongst the three Korean partners. Mr. In-Seok Koh, Executive Vice President of Sam Yang said, "We're confident the new company will enable us to exceed our customers' expectation with improved quality, timely technical support, on-time delivery and broader portfolio of products. In addition, the combined R&D capabilities of the four companies will insure Insure can mean:
S.K. Chemicals Ltd., Senior Vice President, Mr. Kee Dong Kwon said, "We believe combining AlliedSignal's advanced global marketing network and technological capabilities with our manufacturing skills will generate synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. effects in many areas. We can save considerable time and cost by sharing our resources, which we believe will help us become a more competitive and adaptive company in the current dynamic global market." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Y. J. Lee, Managing Director of Kohap Ltd., "The new company will enable us to more rapidly achieve effective utilization of our resources and thus the financial returns anticipated for this world wide growth business." Due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and detailed structural arrangements for the venture have been completed according to Mr. Robert Preston
AlliedSignal is an advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, . The company employs 70,500 people worldwide. AlliedSignal is a component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. and Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index 500 Index, and it is included in Fortune magazine's lists of the "Most Admired Companies" and "100 Best Places to Work in America." Additional information on the company is available on the World Wide Web at http://www.alliedsignal.com/. NOTE: Those statements made in this release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. intended to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although AlliedSignal believes that the assumptions underlying these statements are reasonable, investors are cautioned that such forward-looking statements are inherently uncertain and necessarily involve risks that may affect the companies' business prospects and performance, causing actual results to differ from those discussed in the foregoing release. Such risks and uncertainties include, by way of example and not of limitation: general business and economic conditions; competitive products and pricing; fluctuations in supply of feedstock feed·stock n. Raw material required for an industrial process. Noun 1. feedstock - the raw material that is required for some industrial process raw material, staple - material suitable for manufacture or use or finishing and demand for products manufactured; potential equipment malfunction mal·func·tion v. 1. To fail to function. 2. To function improperly. n. 1. Failure to function. 2. Faulty or abnormal functioning. ; the regulatory environment; and plant construction/ repair delays. These and other applicable risks and uncertainties have been described more fully in AlliedSignal's 1997 10-K, filed with the Securities and Exchange Commission on February 26, 1998. |
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