Ionix acquires control of LCD manufacturer Changchun Fangguan
Ionix Technology says it has entered into certain VIE Transaction Documents with certain shareholders of Changchun Fangguan Electronics Technology Co., Ltd.. By doing this IINX acquired control of Changchun Fangguan.
Changchun Fangguan was founded in 2007. The company currently has about 400 employees, with a factory area of 25’000 square meters. In addition to the ability to manufacture various liquid crystal displays on a large scale, Changchun Fangguan has also owned COG, COB, TAB and other module production lines. In recent years, through independent innovation, the production lines of Changchun Fangguan have covered intelligent home central controls, electric vehicle on-board central control instruments and many other fields. Over next three years, Changchun Fangguan estimates to generate USD 43 Million and 3.5 Million for revenue and net profits respectively to IINX, a press release reads. "This acquisition of control of Changchun Fangguan is a great milestone for our company's development, and a crucial part of corporate restructuring strategy," says Yubao Liu, Chief Executive Officer of IINX. "As a pioneer in the field of LCDs in China, Changchun Fangguan is one of the few domestic LCD manufacturers that is capable of meeting the industry needs as well as providing LCD, LCM and TFT-LCM products in batches. Through this restructuring, we estimate an increase of USD17 Million in net assets, which will significantly expand our scale of facilities, number of employees and operating assets.”