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November 16, 2009

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Merger gives more room for growth

A leading Taiwanese flat-panel monitor maker announced on Saturday its merger with Taiwan's second-largest flat screen producer in a purchase that could raise the island's ranking in the global market.

Innolux Display Corp said it will acquire flat screen maker Chi Mei Optoelectronics Corp through a share swap. Chi Mei will swap 2.05 shares of its own for one Innolux share, the firms said in a joint statement.

Innolux is an affiliate of Taiwan-based Hon Hai Group, the world's largest contract electronics producer with immense operations on China's mainland.

The acquisition will allow Hon Hai to branch out into flat screen production, a field dominated by South Korean and Taiwan companies that are vying for a bigger share of the mainland market.

"The merger will give Chi Mei and Hon Hai bigger room for growth, and help them gain leader position in the market," the statement said.

Innolux will gain access to Chi Mei's clients and production capacity, said Chairman H.C. Tuan, who will be the CEO and president of the new entity, Chimei Innolux Corp.

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