HSINCHU, April 29 /PRNewswire-Asia/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) held a meeting of the Board of Directors on April 29, 2010, at which the Board approved a proposition establishing a joint venture of TFT-LCD TV panel module production with Haier Group (Haier) in Haier Industrial Park, Qingdao, Shandong. This is a demonstration for AUO to realize the practice of the new business model. Forming a strategic alliance with China's best value branded customer will bring a win-win result to both Haier and AUO.
The Board of Directors of AUO and that of Haier approved that the joint venture will be named "Qingdao Haier Optronics Co.,Ltd" with a registered capital of US$ 7 million. Haier and AUO will own 70% and 30% of the shareholding of the joint venture company, respectively.
If the investment plan is approved by the relevant authority, the joint venture is expected to form closer ties between AUO and the Chinese local brand maker, deepening AUO's presence in northern China, in addition to the Company's existing business presences in eastern China, southern China, and western China.
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$359.6 billion (US$11.3 billion) in sales revenue in 2009 and now houses a staff of more than 42,000 employees throughout its 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 successfully list at the New York Stock Exchange (NYSE). AUO extended its market to green energy industry in the end of 2008, and formally founded The 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 27th, 2009.
