Innolux Corporation’s automotive subsidiary CarUX finalized its acquisition of Japan’s Pioneer Corporation in early December, marking the Taiwanese panel maker’s largest deal in 15 years. Chairman Jim Hung confirmed the transaction, valued at ¥163.6 billion ($1.1 billion), was completed in just five months.
Hung indicated that plans to list CarUX on a US exchange would be postponed following the acquisition, though he suggested the integration benefits could ultimately command a higher market valuation. The combined entity targets automotive product revenue of $3 billion, with management aiming for double-digit annual growth.
The acquisition brings together CarUX’s display expertise with Pioneer’s audio and navigation systems. Hung outlined three areas of expected synergy: expanded customer access in Japan where Pioneer maintains 75% of its relationships, complementary product portfolios spanning visual and audio technology, and consolidated R&D capabilities across facilities in the Netherlands and Japan.
Meanwhile, Innolux’s core display business faces familiar pressures. November consolidated revenue fell to NT$17.12 billion ($530 million), down 6% from the prior month and 9% year-over-year. While TV panel prices have stabilized in December, Hung offered guarded comments when asked about potential first-quarter increases, saying the company is “still working on it.”
The fourth quarter remains a traditional slow period for panel demand, with Innolux forecasting shipment declines of 1-3% across product categories.
