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Global-Tech Appliances Inc. announced that its wholly owned subsidiary, Consortium Investment (BVI) Limited (CIBL), entered into an agreement with Singapore-based Anwell Technologies Limited to form a joint venture company, Lite Array Holdings Limited, with its manufacturing facilities in China to exploit synergies related to the production of organic light-emitting diode (OLED) systems.
Under the agreement, Global-Tech will invest certain of CIBL's OLED assets and intellectual property in exchange for a convertible note from Anwell and a 30-percent stake in Lite Array. Lite Array is currently wholly-owned by Global-Tech. The joint venture is intended to leverage the design and manufacturing capabilities of Global-Tech and Anwell to pursue potential opportunities in the OLED market.
"We are delighted to enter into this venture with Anwell, which we believe has established in the last few years a reputation as one of the world's leading advanced automation equipment manufacturers for the optical disc industry," John C.K. Sham, president and CEO, said. "By teaming up with Anwell and combining both of our resources, we believe that we can enhance and accelerate our progress in exploiting other opportunities in the OLED market."
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