The Synergy Analysis on pre-Merger and after-Merger for the Taiwan TFT-LCD Industry – A case study of ADT Optoelectronics Corp

• Main Authors: Wen-Lin Lin, 林維林
• Other Authors: Sue-Fung Wang
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/67585651886564642681

碩士 === 國立交通大學 === 管理科學學程碩士班 === 91 === The purpose of this research is to analyze the synergy on pre- Merger and after- Merger of Taiwan TFT-LCD Industry. The synergy analysis is conducted on three aspects -- Operating Synergy, Market Synergy, and Financial Synergy. The sample case study is the merger of ADT and Unipac Corp. The examined time zone is divided into two periods- three years before merged and two years after. Basically, Taiwan TFT-LCD industry has several competitive weakness, such as, lack of core-technology and know-how, not large enough production scale to reach production efficiencies, no full control over supplies of raw materials, short of human resources on LCD technology, and low degrees of integration on sales channels between notebooks and desktop LCD companies. To overcome these weakness, TFT-LCD industry should increase the market potential to improve the operating efficiency. This study shows that the merger between these two companies, ADT and Unipac , has accomplished the merger synergy. On the aspect of operating synergy, the merger reduced the purchasing cost of the row material. On the aspect of the market synergy, it improved the assets turnover and increased the market share. The last synergy from financial, we found the Merged company has a good financial structure and financing ability such that it raised 10 billion NT dollars CB and 0.5 billion US dollars ADR for the fifth-generation FAB. In word, the evidence shows the synergy is created from the first merge of Taiwan TFT-LCD industry.