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CMO helps CMEL subsidiary narrow losses

Posted: 04 Dec 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Chi Mei Optoelectronics? OLED? OLED panels? organic LED? organic LEDs?

Chi Mei Optoelectronics Corp. (CMO) will purchase shares in its OLED panel subsidiary Chi Mei EL Corp. (CMEL) to help the subsidiary cut losses and allocate resources. CMO poured about $21.4 million investment in CMEL, granting CMO full control over the subsidiary.

Since CMEL's establishment in 2004, the company reportedly incurred losses of about $24.61 million. A CMO filing at the Taiwan Stock Exchange recently revealed that CMEL reduced its capital from $24.64 million to $18.4 million.

To cut back on its losses, CMEL has sent some of its workers to its parent company. According to CMO's CFO Eddie Chen, CMO will continue to invest in CMEL as well as collaborate with the OLED panel maker on product development.

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