Epistar to Fully Take Over FOREPI Management in 1Q15

Epistar is reported to fully integrate with FOREPI before the end of 1Q15, with the possibility of FOREPI’s Chairman Feng-Ren Chien stepping down from the management board, according to a report from the China Times.

Epistar’s revenue for November had reached a new low since September due to off-season effect. The company has taken the chance to operate annual maintenance in nine of its Taiwan factories and integration procedures with FOREPI. Epistar is estimated to fully integrate with FOREPI before the end of 1Q15.

Epistar and FOREPI announced share swap and merger on June 30, a series of personnel changes have occurred since then. Patrick Fan, Vice President of Epistar has taken over the position of General Manager of FOREPI to supervise the merger starting August. Fan has served Epistar for more than 15 years. He started his early career at Optotech, and due to his qualifications was appointed as Huga Optotech Chairman and General Manager, when Epistar merged with Huga Optotech. Epistar is relying on Fan’s organizational experience again to lead the merger.

FOREPI spokesperson Grath Fu resigned recently due to personal career plans. Rumor has it that FOREPI’s sales division underwent drastic personnel adjustments and some of the sales personnel transferred to Lextar. There has been rumors that FOREPI’s Chairman Feng-Ren Chien might voluntarily resign from the management board next year.

Chien currently holds 6.309 million shares or 1.05% of FOREPI’s share. After converting to Epistar’s share, Chien has approximately 1.751 million shares or 0.16% ratio with a share capital of NT $11.1 billion (US $355.899 million).

Epistar, however, did not deny these rumors yesterday. Regarding to change in manpower, the company hoped every personnel could stay. Changes in employees is unavoidable if adaptation and work culture issues occur. Epistar and FOREPI aim to finish integration before the peak season.

Replying to the company’s sliding revenue for November and low order visibility, Epistar said that clients had sold out all the products in their inventory. But since it is the slack season, clients do not have to worry about production shortages. Additionally, clients underwent inventory counts in December, so there will be fewer orders this month. The arrival of the peak season is March next year, and LED material stock up is expected to start earlier in January .

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