Global-Tech Appliances announced today that its wholly-owned subsidiary, Consortium Investment has entered into an agreement with Anwell Technologies a publicly listed company in Singapore, to form a joint venture company, Lite Array Holdings Limited, with its manufacturing facilities in China to exploit synergies related to the production of OLED systems.
Pursuant to the joint venture 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% 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.
