Press Releases

CHANDLER, Ariz.--(BUSINESS WIRE)--Jan. 24, 2002--Amkor Technology, Inc. (Nasdaq:AMKR) today announced a definitive agreement to acquire the semiconductor assembly business of Citizen Watch Co., Ltd. Citizen's assembly operations are located in Kitakami / Iwate Japan, in close proximity to the Amkor Iwate assembly factory. The acquisition should be completed on or about January 31, 2002, subject to regulatory approval in Japan. Transaction terms were not disclosed, but will involve an initial cash payment to Citizen, plus additional payments to be determined by revenue streams over the next two years.

Citizen's assembly business operates as a third party subcontractor, providing advanced IC packaging for a broad range of Japanese semiconductor companies. Citizen also has a strong portfolio of packaging intellectual property, specifically regarding BGA packaging technology. Amkor will acquire the assembly operations and Citizen's IC packaging intellectual property. In connection with the acquisition, Amkor expects to hire approximately 83 employees from Citizen's assembly operations.

"This transaction strengthens Amkor's position in providing assembly services to the Japanese semiconductor industry, where the outsourced model is growing," said John Boruch, Amkor's President and Chief Operating Officer. "It enhances our existing capabilities in Japan with high-end laminate package technology and an established third party customer base for advanced package applications. It also gives Amkor additional technology and management resources to expand our applications development and design services. In addition, the agreement provides Amkor with key patent rights to ball grid array packaging."

"This is an exciting opportunity for Citizen Watch Co., Ltd. and also for our IC assembly business," said Mr. Hiroyuki Harasaki, Director General Manager of Corporate Planning Division for Citizen Watch Co., Ltd. "As we transfer a non-core business to the world's largest semiconductor assembly company, Citizen can focus on key competencies while ensuring that the employees and customers of our IC assembly business benefit from Amkor's industry leadership and unmatched resource base. We are committed to work with Amkor to make this transaction successful. Our senior executives will help transition the business to Amkor and will assist in building relationships with our business partners involved in manufacturing at this site."

About Amkor Technology

Amkor Technology, Inc. is the world's largest provider of outsourced semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic design and manufacturing services, including deep sub-micron wafer fabrication; wafer probe, wafer mapping, characterization and reliability testing; IC packaging design and assembly; multi-chip module design and assembly; and final testing. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com.

--30--KK/se*

              Jeffrey Luth
              VP Investor Relations
              480/821-2408  Ext. 5130
              jluth@amkor.com