HSINCHU, Taiwan, March 12, 2010 /PRNewswire/ -- AU Optronics Corp. (AUO or the Company) held a meeting of the Board of Directors on March 12, 2010, at which the Board approved a resolution establishing a joint venture of TFT-LCD module production and TV-set ODM with TPV Technology Limited in Gorzow, Poland, with a view to provide closer services to customers and to develop the European market. If the investment plan is approved by the relevant regulatory authorities, the joint venture will be another strategic alliance for AUO and its partner as well as a new operation model to supply international brands locally. Meanwhile, it is the third module plant for AUO to develop the European market with more complete on-site services after establishing manufacturing sites in Czech and Slovakia.
The Board of Directors of AUO and TPV Technology approved, on the basis of strategic alliance, to set up a joint venture company combining TPV's well-branded image and business infrastructure in the European market, and the strength of AUO's leading technology in TV panel manufacturing. The joint venture will be named BriVictory Display Technology (Labuan) Co., Ltd with an initial capital of US$ 40 million. AUO and TPV will own 51% and 49% of the shareholding of the joint venture company, respectively.
AUO has devoted to providing customers value-added services, including integrated design and product total solutions, AUO's Chairman, Mr. K. Y. Lee said. TPV has very strong competence in LCD TV manufacturing in the European market. With TPV's excellent capability in product assembly, AUO hopes to leverage on TPV to enhance its business position in the European market. This joint venture would bring both superior competitiveness into full play and bring mutual benefits in the long run.
Dr. Jason Hsuan, TPV's Chairman and Chief Executive Officer, said, TPV is one of the world's leading PC monitor makers and the largest LCD TV ODM company. We are glad to have AUO to be our strategic partner for further developing the European market. AUO has been a world class panel manufacturer that continually dedicates to new technology innovation. Both companies closely worked together in the past. We not only can gain stable panel supply from the cooperation but also can enlarge the cooperation to system assembly for increasing operation efficiency to provide better services to European customers in the future.
ABOUT TPV TECHNOLOGY LIMITED
TPV is a leading solutions provider specializing in the design and production of a wide spectrum of PC monitors and LCD TVs for distribution to over 30 countries. TPV's products add value to customers through cost leadership, timely delivery and superior quality. TPV brands include AOC and Envision.
Currently, TPV is the world's largest PC monitor manufacturer in terms of unit shipments. It is listed on both Hong Kong and Singapore stock exchanges.
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a worldwide top three manufacturer* of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches. AUO generated NT$359.3 billion (US$11.2 billion) in sales revenue in 2009 and now houses a staff of more than 42,000 employees throughout with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its market to green energy industry in late 2008, and formally founded the Solar Photovoltaic Business Unit in October 2009. For more information, please visit AUO.com.
(*) DisplaySearch 4Q2009 WW Large-Area TFT-LCD Shipment Report. This data is used for reference only and AUO does not make any endorsement or representation in connection therewith. 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.
Safe Harbour Notice
AU Optronics Corp. (AUO or the Company) , a worldwide top three manufacturer of large-size TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification , future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled Risk Factors in our Form 20-F filed with the United States Securities and Exchange Commission on June 4th, 2008.
SOURCE: AU Optronics Corp.
CONTACT: Freda Lee, +886-3-5008800 x3206, +886-3-5772730 (Fax), email@example.com, or Yawen Hsiao, +886-3-5008800 x3211, +886-3-5772730(Fax), firstname.lastname@example.org, both of Corporate Communications Division, AUOptronics Corp.