Taiwanese Lite-on IT, a major manufacturer of optical disc drives, said it will acquire a car CD and DVD drive plant in Hungary from the Dutch electronics giant Phillips.
Lite-On IT will pay $55-56 million for Philips' car CD/DVD manufacturing operations which are located in the city of Győr, and employ about 1,600 people. In addition, the Taiwanese firm will pay $7.96 million to Taiwan's BenQ for a 49% stake in a joint venture with Philips which was established to develop, market and sell the devices. Both companies expect the transaction to be closed in March. Philips said it is selling the manufacturing operations because it considers them a non-core activity. Philips Hungary is one of Hungary's top exporters and biggest revenue-makers. In 2005 its consolidated revenues from sales amounted to Ft 477.5 billion, of which revenues from exports made up Ft 436.9 billion. (english.mti.hu)