On Friday, June 8, 2007, IFEZ signed a land sale agreement with A-1 Engineering Korea. The contract was valued at KRW 18.6 billion (USD 20 million). A-1 Engineering Korea, a subsidiary of the U.S.-based A-1 Machine, plans to produce next-generation chemical vapor deposition equipment for semiconductor wafers and the TFT-LCD industry in Songdo International City. The agreement is expected to contribute to expanding the advanced equipment manufacturing base and strengthening the concentration of knowledge-based industries.