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AUO and SunPower to Jointly Invest in Solar Cell Manufacturing Facility in Malaysia
HSINCHU, Taiwan, May 27 -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) held a meeting of the Board of Directors on May 27, 2010, at which the Board approved the resolution of a joint venture to construct and operate a solar cell manufacturing facility in Malaysia with SunPower Corp., the largest manufacturer of residential and commercial solar systems in the United States. The resolution was passed in view of the need to accelerate the setup of a complete solar value chain to meet the rapidly growing market demands. The strategic alliance with SunPower, the manufacturer of the world's highest efficiency solar cells commercially available, is AUO's latest endeavor in the solar business since the acquisition of over 50% the shareholding of M.Setek, the leading Japanese supplier of upstream polysilicon and wafers. The collaboration will establish a new solar business model featuring cost efficiency and leading technology in the development of high efficiency solar cells. Meanwhile, by means of cooperation with SunPower in continuous process improvement, production and management, AUO will be able to produce more innovative products with higher conversion rates to better serve its customers.
The resolution adopted by the Board of Directors of the two parties for the joint investment was in view of SunPower's leading brand position on solar technology in the U.S. market, its twenty-five years of experience in R&D, intellectual property related to high efficiency solar cells, and AUO's core competence in global manufacturing, management and securing of the material source. The joint investment in Malaysia will be US$700 million. AUO and SunPower will each contribute US$350 million over several installments, owning 50% of the shareholding respectively.
SunPower is a global leader in the manufacturing and development of solar cells with a minimum rated efficiency of 22%, the highest efficiency commercially available now. The company possesses the highest market share in the U.S. for residential, commercial & public sector and large-scale utility projects. It is as well a market leader in Germany, Italy and Spain. "It is our great pleasure to work with SunPower," said K.Y. Lee, Chairman of AUO. "This joint venture sets a remarkable milestone for AUO's solar business. SunPower leads the solar industry with the world's highest efficiency technology for solar cells. With the joint venture, we will join our strength to maximize competiveness and long-term benefits. Customers worldwide will profit from the synergy of vertical integration and scale for their solar investments."
"AUO's proven ability to rapidly scale advanced manufacturing technology while driving consistent, aggressive cost effectiveness makes them the ideal partner to ramp up the future fab in Malaysia," said Tom Werner, SunPower's CEO. "AUO's professional strength in global operations, management and smart logistics will indeed add significant value for us. We believe that this world-class manufacturing alliance will establish SunPower as one of the leading solar cell technology platforms."
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.
* 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.
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.
For more information, please contact:
Freda Lee
Corporate Communications Division
AU Optronics Corp.
Tel: +886-3-5008800 x3206
Fax: +886-3-5772730
Email: freda.lee@auo.com
Yawen Hsiao
Corporate Communications Division
AU Optronics Corp.
Tel: +886-3-5008800 x3211
Fax: +886-3-5772730
Email: yawen.hsiao@auo.com
Source: AU Optronics Corp.
CONTACT: Freda Lee, +886-3-5008800 x3206, +886-3-5772730 (Fax),
freda.lee@auo.com, or Yawen Hsiao, Corporate Communications Division, AU
Optronics Corp., +886-3-5008800 x3211, or +886-3-5772730 (Fax), or
yawen.hsiao@auo.com, both of Corporate Communications Division of AU Optronics
Corp.
Web site: http://www.auo.com/
AUO and SunPower to Jointly Invest in Solar Cell Manufacturing Facility in Malaysia
HSINCHU, Taiwan, May 27 -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) held a meeting of the Board of Directors on May 27, 2010, at which the Board approved the resolution of a joint venture to construct and operate a solar cell manufacturing facility in Malaysia with SunPower Corp., the largest manufacturer of residential and commercial solar systems in the United States. The resolution was passed in view of the need to accelerate the setup of a complete solar value chain to meet the rapidly growing market demands. The strategic alliance with SunPower, the manufacturer of the world's highest efficiency solar cells commercially available, is AUO's latest endeavor in the solar business since the acquisition of over 50% the shareholding of M.Setek, the leading Japanese supplier of upstream polysilicon and wafers. The collaboration will establish a new solar business model featuring cost efficiency and leading technology in the development of high efficiency solar cells. Meanwhile, by means of cooperation with SunPower in continuous process improvement, production and management, AUO will be able to produce more innovative products with higher conversion rates to better serve its customers.
The resolution adopted by the Board of Directors of the two parties for the joint investment was in view of SunPower's leading brand position on solar technology in the U.S. market, its twenty-five years of experience in R&D, intellectual property related to high efficiency solar cells, and AUO's core competence in global manufacturing, management and securing of the material source. The joint investment in Malaysia will be US$700 million. AUO and SunPower will each contribute US$350 million over several installments, owning 50% of the shareholding respectively.
SunPower is a global leader in the manufacturing and development of solar cells with a minimum rated efficiency of 22%, the highest efficiency commercially available now. The company possesses the highest market share in the U.S. for residential, commercial & public sector and large-scale utility projects. It is as well a market leader in Germany, Italy and Spain. "It is our great pleasure to work with SunPower," said K.Y. Lee, Chairman of AUO. "This joint venture sets a remarkable milestone for AUO's solar business. SunPower leads the solar industry with the world's highest efficiency technology for solar cells. With the joint venture, we will join our strength to maximize competiveness and long-term benefits. Customers worldwide will profit from the synergy of vertical integration and scale for their solar investments."
"AUO's proven ability to rapidly scale advanced manufacturing technology while driving consistent, aggressive cost effectiveness makes them the ideal partner to ramp up the future fab in Malaysia," said Tom Werner, SunPower's CEO. "AUO's professional strength in global operations, management and smart logistics will indeed add significant value for us. We believe that this world-class manufacturing alliance will establish SunPower as one of the leading solar cell technology platforms."
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.
* 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.
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.
For more information, please contact:
Freda Lee
Corporate Communications Division
AU Optronics Corp.
Tel: +886-3-5008800 x3206
Fax: +886-3-5772730
Email: freda.lee@auo.com
Yawen Hsiao
Corporate Communications Division
AU Optronics Corp.
Tel: +886-3-5008800 x3211
Fax: +886-3-5772730
Email: yawen.hsiao@auo.com
Source: AU Optronics Corp.
CONTACT: Freda Lee, +886-3-5008800 x3206, +886-3-5772730 (Fax),
freda.lee@auo.com, or Yawen Hsiao, Corporate Communications Division, AU
Optronics Corp., +886-3-5008800 x3211, or +886-3-5772730 (Fax), or
yawen.hsiao@auo.com, both of Corporate Communications Division of AU Optronics
Corp.
Web site: http://www.auo.com/