HSINCHU, Nov. 30, 2010 /PRNewswire-Asia/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) and Evonik Industries have agreed to take their successful business relationship to the next level of cooperation. Since 2008, the companies through AUO's affiliate Forhouse Corporation have been working together in Evonik Forhouse Optical Polymers (EFOP) joint venture that includes the operation of a plant which produces acrylic polymers for the TFT-LCD industry. Today, they continue to pool their comprehensive expertise, focusing intensely on the growing solar, lighting, and other green energy markets. The non-exclusive agreement will focus mainly on research and development, production planning, and manufacturing. There are additional points of cooperation in such areas as PMMA recycling. Moreover, the EFOP joint venture is planning to double its PMMA capacity to about 85 kilotons.
"Above and beyond our current relationship, we are impressed by AUO's strong capabilities in various applications and state-of-the-art manufacturing process management. Our main goal to establish the joint development program in Taiwan with AUO is to open up new application markets. To this end, we're contributing our formidable expertise in lightweight construction, solar engineering, and electro mobility," says Patrik Wohlhauser, Chairman of the Board of Management of Evonik Degussa GmbH. "While we are developing our green energy solutions, we will need solid capability in material research and development. Evonik is a global leader in specialty chemicals. The joint research and development effort between AUO and Evonik will enable us to advance further and benefit everyone – the companies, our customers, and society in general", adds KY Lee, Chairman of AUO.
In tandem, the two are definitely a dream team: Evonik, a system solutions and material supplier with a long-term strategy involving resource efficiency and globalization of technologies, and AUO, a globally active components innovator and pacesetter in the design, development, and production of TFT-LCDs. The partnership agreement will thus enhance the companies' abilities to advance into new, challenging and fast-growing business segments, in line with sustainable and reliable product and process development.
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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. The Display and Solar businesses were established respectively as the Company's two core businesses in October, 2010. For more information, please visit AUO.com.
* 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.
ABOUT EVONIK
Evonik Industries is the creative industrial group from Germany. We are a global leader in our core business of specialty chemicals. In addition, Evonik is an expert in power generation from hard coal and renewable energies, and one of the largest private residential real estate companies in Germany. Our company's performance is shaped by creativity, specialization, continuous self-renewal, and reliability.
Evonik is active in over 100 countries around the world. In its fiscal year 2009 about 39,000 employees generated sales of about €13.1 billion and an operating profit (EBITDA) of about €2.0 billion.
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.
