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Taiwan's Lite-On IT to take part in two Philips disc drive ventures

Taiwan's Lite-On IT to take part in two Philips disc drive ventures

Taiwan's Lite-On IT said Thursday it wants to spend a total of 2 billion New Taiwan dollars (US$60 million; euro46 million) on two disc drive ventures led by the Netherlands' Philips Electronics Ltd.
The Taiwanese disc drive maker said in a statement it plans to pay between NT$1.80 billion (US$55 million; euro42 million) and NT$1.85 billion (US$56 million; euro43 million) for Philips' car-use disc drive operations, which include a plant in Hungary and the plant's employees.
In addition, Lite-On IT said it will pay NT$260 million (US$7.96 million; euro6.1 million) for the 49 percent stake of the Philips Electronics-led optical disc drive joint venture from BenQ Corp., a Taiwan consumer electronics vendor.
Philips will continue to hold a 51 percent stake in the venture, to be named Philips and Lite-On Digital Solutions Corp., Lite-On IT said.
Lite-On IT is one of the world's largest makers of optical disc drives by shipments and a unit of Taiwan electronic parts maker Lite-On Technology Corp.
The deal marks the company's entry into the car-use disc drive market, Lite-On IT added. At present, the company's main products include DVDs and DVD players.
A Philips representative in Taiwan wasn't immediately available for comment.
Lite-On said it plans to use the Philips facility in Hungary as the manufacturing base for car-use disc drives.
The two acquisitions should be completed in March, the company said.


Updated : 2021-06-15 11:08 GMT+08:00