Chinese electronics manufacturer, Hisense, has acquired 95 percent shares of Toshiba Visual Corporation (TVS), the television business subsidiary of the Toshiba Corporation, at the cost of 12.9 Japanese Yuan, about $114 million.
In a statement from the firm, this acquisition includes Toshiba TV productions, brands and operations service worldwide, but Toshiba Corporation management will however retain 5 percent of the business total shareholding.
Until this development, Toshiba dominated the global television technology and market shares for 142 years, and boasted incredible shares across Asia, America, Europe and Latin America.
Lin Hongxin, CEO, Hisense Group, in the statement lauded the major acquisition and assured all stakeholders of the company’s determination to optimise Toshiba’s resources in research and development, supply chain and global sales channels and support each other in display technology to provide competitive content, operation services for Smart TVs in the global market as well as to accomplish sustained fast-growth and hold on to the Japanese market.
The statement further said that in the last 12 months, Toshiba had ranked number 3 in the Japanese market while Hisense’s TV’s market share was the highest among all foreign brands.
“In Nigeria, Hisense has been equally visible with product sales and services nationwide through its proxy Fouani Nigeria Limited. Only recently, it opened it showroom in Port Harcourt while other outlets are billed for opening in Kano, Lagos, Ibadan, and Abuja soon,” Hongxin said.
He further said that Hisense with the benefit of Toshiba acquisition would develop and enlarge its international strategy for TV business for research and development, branding and marketing by operating other multiple brands. “The cooperation between Hisense and Toshiba will surely drive fresh innovations in the picture of TV business globally,” he said.