Bloomberg News

Applied Materials, Caterpillar Agree To Buy More Korean Parts

October 17, 2011

Oct. 17 (Bloomberg) -- Applied Materials Inc. and Caterpillar Inc. agreed to buy more South Korean parts and materials for their businesses, the nation’s Knowledge Economy Ministry said.

Under a preliminary deal signed today, the ministry expects Applied Materials to buy about 400 billion won ($350 million) worth of parts and materials from South Korean suppliers by 2015. In return, the maker of equipment for manufacturing computer chips will sell some semiconductor equipment to South Korea’s Samsung Electronics Co., the ministry said in an e-mailed statement.

Caterpillar also agreed to increase the number of its South Korean parts suppliers, which the ministry said may bring more than 600 billion won worth of contracts by 2015.

--Editors: Brett Miller, Seyoon Kim.

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net;

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net


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