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November 11, 1994

HYUNDAI TO PAY OVER $300m FOR NCR MICROELECTRONICS

By CBR Staff Writer

Yet more US computer industry assets are heading east with the news that the buyer for AT&T Corp’s substantial NCR Microelectronics business is Hyundai Corp. The Hyundai Electronics America Inc unit of the Seoul, South Korea company has definitive agreement to acquire the Colorado Springs and Miamisburg, Ohio-based business, for in excess of $300m, which also covers some patents and trademarks. Hyundai, which is already the controlling shareholder in Maxtor Corp, reckons this will be the largest direct investment by a South Korean company in the US. It plans to retain current management of NCR and operate it as an independent, autonomous subsidiary. NCR Microelectronics is described as a world leader in the production, marketing and sale of complex application-specific integrated circuits, high performance circuit boards and data storage systems: it is probably best known for its disk controllers – all of which raises the question of why it was not regarded as an attractive extension to AT&T Microelectronics. Assets include two plants in Colorado and facilities in Wichita, Kansas and employment totals 1,850.

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