TCL & Alcatel Mobile Phones Limited Starts Operations in China
Posted on: Thursday, 2 September 2004, 06:00 CDT
The new global handset company jointly set up by TCL Communication Technology Holdings Limited, the holding company of Huizhou TCL Mobile Communication Co., Ltd., a leading mobile handset manufacturer in China, and Alcatel, a worldwide leader in telecommunications network equipment, applications and services, officially started operations Tuesday. The new company is to be named as TCL & Alcatel Mobile Phones Limited ("TAMP").
Since the signing of the Joint Venture Subscription Agreement on 18 June, TCL Communication and Alcatel have obtained shareholder, board and regulatory approvals and finalized various operational agreements necessary for the formation of TAMP. Headquartered in Hong Kong, TAMP has an initial net asset value of approximately 100 million, with TCL Communication holding a 55% equity stake and Alcatel owning the remaining 45%.
Substantially all of the 600 employees of Alcatel mobile handset activities in France and in China have become the employees of TAMP.
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