ILJIN Materials Co., Ltd. (KOSE:A020150) signed a statutory merger agreement to acquire Iljin Semiconductor Co., Ltd. from Skylake Incuvest & Co. and other shareholders for KRW 31.5 billion in stock on February 14, 2012. ILJIN Materials will issue 1.9 million shares for all the outstanding shares of Iljin Semiconductor Co., Ltd. offering 0.30403 Iljin Materials shares for each share of Iljin Semiconductor. On completion, Iljin Materials Co Ltd will survive and Iljin Semiconductor Co., Ltd. will be dissolved. For the year ended December 31, 2011, New Korea Country reported revenues of KRW 308 billion, total assets of KRW 441.9 billion, net income of KRW 13.6 billion and total common equity of KRW 329.62 billion. The transaction is expected to complete by April 30, 2012.