TCL, Alcatel form handset JV

TCL announced it signed a memorandum of understanding for a US$119 million handset manufacturing joint venture with Alcatel. TCL will invest US$65 million cash for a 55% stake in the global joint venture and Alcatel will invest US$53 million in cash and assets. France-based Alcatel's handset manufacturing business has lost as much as US$94 million annually in recent years.