AUO and Wistron to Establish a Joint Venture for TFT-LCD Module Plant
HSINCHU, Taiwan, Aug. 20 /PRNewswire-Asia-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held a meeting of the Board of Directors on Aug. 20, 2010, at which the Board approved a resolution establishing a joint venture of TFT-LCD TV panel module production with Wistron Corporation at "Wistron Optical Campus" of the Zhongshan Torch Hi-tech Industrial Development Zone in Guangdong, China. The new business model of allying with one of the world's leading ODM manufacturers will hopefully help not only broaden our customer base, but also provide in-time and value-added services for customers by joining the strengths from both sides. Total solutions for design integration are included to bring about long-term benefits for AUO and Wistron, seizing global business opportunities together.
The Board of Directors of AUO and Wistron approved establishing the joint venture with a registered capital of no more than US$ 10 million. AUO and Wistron will own 51% and 49% of the shareholding of the joint venture respectively. The joint venture will tentatively be named Zhongshan BriVision Optronics Corporation.
If the investment plan is approved by the relevant authority, AUO's presence of module plants in the China market will be more complete. With services covering East China, South China, North China and Southwest China, AUO will be able to more closely respond to customer requirements and strengthen its quality of services.
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a global leader 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, 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 the green energy industry in late 2008, and formally founded its Solar Photovoltaic Business Unit in October, 2009. For more information, please visit AUO.com.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), a global leader of 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 of 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 May 11th, 2010.
SOURCE AU Optronics Corp.