Compal Electronics, Inc. (Compal) (TAIEX: 2324) announced that it has concluded an agreement to transfer ownership of Compal Electronics Europe sp. z o. o., an LCD TV manufacturing factory located in Wroclaw Poland, to Vestel Ticaret A.Ş of Turkey (Vestel). Details of the transaction are subject to the limitations of applicable laws, and the non-disclosure agreement between the parties. The target for finalization of the transfer is the fourth quarter of 2016, after obtaining necessary approvals from relevant authorities and conditions are met.
Given the changing environment in the European market, Compal expect to reach better cost performance and operational flexibility through this transaction. In the future, Compal will continue to cooperate with major channels, new branding, and work with local manufacturers to supply the European market.
Looking forward, Compal will continue to expand its TV and display market with more new IOT linking and Smart TV design to enrich the product offering, value-add to customer, and enhance the overall profitability
Compal Electronics, Inc.
Senior Vice President and Spokesman
Tele: 886 (0)2 8797-8588