8-K

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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                -----------------

                                    FORM 8-K

                                 Current Report
                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): May 14, 2002

                                  CHIPPAC, INC.
               (Exact Name of Registrant as Specified in Charter)
                                    Delaware
                 (State or Other Jurisdiction of Incorporation)
                                    000-31173
                            (Commission File Number)

                                   77-0463048
                     (I.R.S. Employer Identification Number)
                                 47400 Kato Road
                            Fremont, California 94538
                    (Address of Principal Executive Offices)
                                   (Zip Code)

                                 (510) 979-8200
              (Registrant's telephone number, including area code)
                                 Not Applicable

          (Former Name or Former Address, If Changed Since Last Report)






ITEM 9. REGULATION FD DISCLOSURE

        Attached hereto as Exhibit 99.1 is a copy of a press release dated May
14, 2002 issued by ChipPAC, Inc. regarding financial guidance for the second
quarter of 2002.

         NOTE: The information in this report (including the exhibit) is
furnished pursuant to Item 9 and shall not be deemed to be "filed" for the
purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section. This report will not be deemed an
admission as to the materiality of any information contained herein that is
required to be disclosed solely by regulation FD.



                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated:   May 15, 2002             ChipPAC, Inc.



                                              By:  /s/ Robert Krakauer
                                                   -----------------------------
                                              Name:   Robert Krakauer
                                              Title:  Senior Vice President and
                                                      Chief Financial Officer




                                  EXHIBIT INDEX

Exhibit Number                         Description
- --------------                         -----------
    99.1          Press release dated May 14, 2002 issued by ChipPAC, Inc.

EX-99.1

                                                                    Exhibit 99.1

FREMONT, Calif., May 14 ChipPAC Raises 2Q02 Guidance -- ChipPAC, Inc. (Nasdaq:
CHPC, news, msgs), one of the world's largest and most diversified providers of
semiconductor packaging, test and distribution services, today raised guidance
for the second quarter ending June 30, 2002.

The Company now expects it will achieve sequential revenue growth of 15-20%, or
revenues of $91 million to $95 million, for the second quarter 2002, up from
initial guidance of 12-15% provided on May 1, 2002. Due to the increased revenue
expectations, pricing stability and continued margin improvements, the Company
believes its net loss for the second quarter will be narrower than initial
guidance. ChipPAC now expects to report an improved net loss in the range of
($0.05) to ($0.07) per diluted share compared to initial guidance of ($0.07) to
($0.09) per diluted share.

Dennis McKenna, Chairman and Chief Executive Officer of ChipPAC, Inc. commented,
"Revenues are tracking ahead of the higher levels we achieved last quarter due
to increased customer demand and select pricing increases. Die receipt levels
are running ahead of forecast at our global facilities giving us added
confidence that rebounding volume levels are sustainable. This translates into
nearly a 20% unit volume improvement from the prior quarter. The improvements
combined with our operating leverage enabled us to generate an operating profit
in March and April. We expect this trend to continue, giving us a quarterly
operating profit for the current second quarter, a full quarter ahead of our
initial plan."

     About ChipPAC, Inc.

ChipPAC is a full-portfolio provider of semiconductor packaging design,
assembly, test and distribution services. The company combines a history of
innovation and service with more than a decade of experience satisfying some of
the largest customers in the industry. With advanced process technology
capabilities and a global manufacturing presence spanning Korea, China, Malaysia
and the United States, ChipPAC has a reputation for providing dependable, high
quality packaging solutions. For more information, visit the company's Web site
at www.chippac.com.

     CONTACT:

     David Pasquale, 646-536-7006, or Jim Olecki, 646-536-7021

     Both of The Ruth Group, www.TheRuthGroup.com

     Forward-Looking Statements

This press release includes forward-looking statements, as that term is defined
in the Private Securities Reform Act of 1995, which are subject to known and
unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. These
forward-looking statements include statements relating to ChipPAC's revenue and
earnings (loss) per share expectations for the second quarter ended June 30,
2002, that demand for its products is improving, that the company is
experiencing improved financial strength and liquidity, with solid position for
long-term revenue growth and positive operating margin in the second quarter of
this year, and that the overall strength of the company's competitive position
is improving. Some of these risks and uncertainties are detailed in



documents filed with the Securities and Exchange Commission, and include, but
may not necessarily be limited to general economic and political uncertainty,
fluctuations in customer demand, raw material costs, exchange rates, timing and
success of new product and service introductions, competitive conditions in the
semiconductor foundry industry, strength of the Company's customers, the ongoing
quality of the company's services, and the ability of the company's principal
suppliers to provide materials and equipment on a timely and cost competitive
basis. Additional risks and uncertainties are discussed in Exhibit 99.1 (Risk
Factors) to our annual report on Form 10-K for the period ended December 31,
2001. The company undertakes no obligation to update the information in this
press release.

SOURCE ChipPAC, Inc.

CONTACT: David Pasquale, +1-646-536-7006, or Jim Olecki, +1-646-536-7021, Both
of The Ruth Group

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