TECO Allies With Walsin via Share Swap
TECO and Walsin announced jointly (Dec. 20) formation of a strategic alliance via share swap in capital increment, aiming to tap the markets of intelligence and renew energy.
Sophia Chiu, TECO chairman, points out that via the alliance, both companies can integrate their advantages to accelerate their development in renewable energy, industrial automation, and intelligences, for not only domestic but also overseas markets. A noticeable example is offshore wind power, for which TECO has advantages in substation engineering and wind turbines and Walsin
excels in electric cable and grid. The latter also has abundant track record for PV power stations and smart grid in the U.S., while TECO has made major inroads in battery energy storage systems (BESS) for PV power and wind power, as well as monitoring and control system for smart grid, in recent years. TECO can also take advantage of its significant achievement in smart manufacturing to help Walsin
establish smart production lines for electric wire and cable. In addition, both can integrate their customer resources, in appliances, air conditioners, switchboard, and engineering service for TECO and foreign trade, housing, and factoring building for Walsin.
Chiu notes that as a leader in their respective fields, both have had a longstanding partnership, forming a solid foundation for the alliance, which will inject fresh growth momentum into TECO's operation and create long-term benefits for all the shareholders.