Wednesday, February 12, 2003
BenQ Corporation and Royal Philips Electronics of the Netherlands announced the establishment of an optical storage joint venture company to develop, design and market optical disk drives for PC applications.
The new company, Philips BenQ Digital Storage headquartered in Taipei, Taiwan and operational in March 2003 will have outstanding shares of 51% for Philips and 49% for BenQ. The joint venture will pave the way for both companies to leverage their strengths, creating a resource-integrated company that will provide innovative next generation storage solutions.
Philips BenQ Digital Storage aims at a mid-term market-share of fifteen percent in a total market of two hundred million units annually, which currently has a value of EUR 8 billion. K.Y. Lee, Chairman and CEO of BenQ Corporation said: "Philips is renowned for its research and intellectual property portfolio while BenQ is strong in development, manufacturing and marketing."
Arthur van der Poel, member of Philips' Board of Management added, "This joint venture concludes the series of measures taken to bring Optical Storage back to profitability and will position us well for continued participation in the data segment in a profitable way and further strengthen the successful DVD+RW platform in the future."
Separately, BenQ brushed off the claims of any partnership between BenQ Corporation and Nokia, contrary to reports published earlier in a local media. According to BenQ Vice Spokesman Alex Liou, "The news regarding Nokia and BenQ is both pure speculation and untrue."
By: DocMemory
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