Display maker TPV Technology says the company has entered into the joint venture agreement with Taiwan-incorporated AU Optronics Corporation to set up BriVictory Display Technology (BVI) Co. will establish a wholly-owned subsidiary Brivictory Industria de Eletronicos Ltda in Brazil.

The business of the joint venture company is to manufacture LCD modules and backlight units, sell LCD modules products, and conduct business related research and development in Manaus, Brazil.

The total capital contribution for BriVictory Display Technology (BVI) Co. is US$16 million ($21.3 million) of which TPV Technology will contribute 81% (US$12.96 million) in cash and AUO will contribute 19% (US$3.04 million) in cash.