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JPMORGAN PARTNERS ASIA INVESTS $42 MILLION IN CERATECH CORPORATION IN JOINT PARTNERSHIPNEWS RELEASE Seoul, June 23, 2001 – JPMorgan Partners Asia (JPMP Asia) announced today that it has entered into a definitive agreement to invest approximately KRW55 billion (US$42 million) to acquire a 27.4% interest in Ceratech Corporation (KOSDAQ:41550), a leading designer and manufacturer of high-end passive electronic components used for circuit protection of electronic devices. JPMP Asia is purchasing all of the shares held by Mr. S.H. Oh, the company’s single largest shareholder, who is a non-executive director of the company. The new partnership combines the respective strengths of JPMP Asia as a proven global investor and Ceratech's unique and globally competitive technology platform. In the spirit of the new joint venture partnership with JPMP Asia, the founding management, who currently control 33.2% of the shares of the company, will gradually reduce their stake in the company to 27.4% to equalize their shareholdings with JPMP Asia. JPMP Asia and the management of Ceratech, who will retain their current management positions, will share control of the board. Ceratech's products reduce electromagnetic interference in a wide range of electronic products, including chip beads arrays, ferrite inductors, ceramic inductors, varistor and power inductors. The company specializes in manufacturing high performance components with some of the highest volumetric efficiencies achieved in the industry. The company's ability to manufacture increasingly small case sizes at high performance levels positions it as a top supplier to such high growths sectors as high-end telecom, wireless, automotive, video imaging products and PC applications which demand increasingly higher electrical performance needs with smaller end-application size. The company's products are currently sold to some of the world's top electronics manufacturers, including LG Group, Samsung Electronics, Sony, Motorola, Conexant, Apple Computers and Tonkin. Commenting on the investment, Eugene Suh, Managing Director of JPMP Asia, said, "We are excited to make a long-term commitment to Ceratech, a company with world-class technology, one of the best management teams we have seen in Asia, and products which are poised for significant growth. Ceratech is a perfect example of the strong entrepreneurial spirit and world-class competitiveness that exists in Korea and which J.P. Morgan Partners Asia seeks to back in its investments." Simon S.Y. Oh, President of Ceratech noted, “JPMorgan Partners Asia’s strong industry knowledge and unmatched global network makes it uniquely positioned to help develop Ceratech’s platform to a global scale. Our alliance with JPMorgan Partners Asia also provides us with increased financial flexibility to continue to expand our business and to build upon our global market share position. JPMorgan Partners Asia will also help improve our global marketing and distribution capabilities and enhance our global operating best practices. We are excited about this opportunity and believe that our long-term partnership will be in the best interest of all Ceratech shareholders.” Mr. S.H. Oh, a non-executive shareholder of the company who helped to seed Ceratech in its early stages, has decided to sell his stake in order to realize the significant capital appreciation on his original investment. The purchase price of KRW15,000 per share was agreed to in a non-binding term sheet entered into in May 2001. JPMP Asia has agreed to share a portion of its gains from this investment with Mr. Oh, should its annualized returns exceed a predetermined threshold. Ceratech’s management has worked with JPMP Asia to secure the safe and provide for the joint broad structure, as they realize the significant value which the JPMP Asia team brings to its long-term business prospects. Back to Press Releases |
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CCMP Capital Asia Ltd. was formed in October 2005. Previously, the firm's management team operated and managed J.P. Morgan Partners Asia, a private equity affiliate of JPMorgan Chase & Co. The historical information and biographies presented reflect the activities of CCMP Capital Asia professionals while managing J.P. Morgan Partners Asia. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2006 CCMP CAPITAL ASIA LTD. All rights reserved. |
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