IRICO Group Electronics said the State Asset Supervision and Administration Commission of the State Council (SASAC) has approved its acquisition of a 69.5308% stake in Shaanxi IRICO Electronics Glass …
IRICO Group Electronics said the State Asset Supervision and Administration Commission of the State Council (SASAC) has approved its acquisition of a 69.5308% stake in Shaanxi IRICO Electronics Glass for CNY 313.58 million. IRICO Glass is mainly engaged in the production of glass substrates. Construction of the first phase of the project commenced on 16 January 2007, and the first firing of the glass furnace took place as scheduled on 28 December 2007. The project is currently in the trial production phase. IRICO believes it will become the first domestic TFT-LCD glass substrate manufacturer upon completion of the acquisition.