QINGDAO: The Haier Group, the largest white goods producer on the Chinese mainland, plans to set up a joint venture with Taiwan's AU Optronics Corporation (AUO), a leading LCD panel maker, to manufacture LCD TV modules.

Haier will hold 70 percent stake in the 7 million U.S. dollar venture, while AUO will hold the rest, said Sun Kunpeng, a publicity official of Haier, on Saturday.

The joint venture, with a temporary name of "Qingdao Haier Optronics Co. Ltd.," is to be built in Haier's industrial park in eastern Chinese city of Qingdao, where Haier is headquartered, Sun said.

Haier hopes to offer better products and service to global clients through cooperation with AUO and integration of the two companies' resources, Sun added.

No further details were revealed.

Haier manufactures 15 million color TV sets a year and sell its products to more than 80 countries and regions. It has manufacturing bases in Pakistan, Italy, the United States and Thailand, in addition to those in Qingdao, Hefei and Chongqing in China.

Editor: Li Jing

Source: Xinhua