I-Chiun Precision Industry Co., Ltd., a global supplier of LED (light-emitting diode) light guide frames, announced that it has established a joint venture with the Chinese American tycoon Jeffery Wu, a major shareholder of United International Bank of the U.S., to explore the LED lighting market in the U.S., according to a report in Taiwan Economic News.

Named ULED, the joint venture will specialize in assembly of LED lighting systems, to avoid direct competition against downstream LED clients, said W.S. Chou, chairman of I-Chiun Precision. The company will display its LED lighting products in New York and Los Angeles next month, and in other U.S. cities in the second half of this year, said Chou. Besides, the joint venture has bid with the Californian authorities to supply LED lighting.

Wu said he was optimistic about LED lighting market in the U.S., mainly because the government’s policy to completely terminate the use of incandescent lamps in the country by 2014, which will be a boost for LED lighting industry.

Chou added that the market for LED lighting in subways, parking lots and tunnels is incredibly huge in California, and will likely help the joint venture to generate annual revenue of over NT$10 billion (US$303.95 million at US$1: NT$32.9) fives years later.