China Electric, a Taiwan-based conventional lighting product maker, has announced a plan to invest NT$128 million (US$4.32 million) to acquire a 59.91% stake in GIO Optoelectronics, a Taiwan-based CCFL and LED lighting product maker, in order to enter the local LED lighting market.
The acquisition through the emerging stock market where GIO is listed is scheduled to take place from October 9 to November 18, China Electric indicated, adding Chi Mei Corporation, a petrochemical material maker, is likely to sell its GIO shares. Chi Mei holds a 39.24% stake in GIO.
China Electric said it is eyeing GIO's LED packaging technology and lighting design capability. China Electric said it will market GIO's LED lighting products through its established retail network around Taiwan.
