Chinese electronics manufacturer, Hisense acquires Toshiba unit for $114m
Chinese electronics manufacturer, Hisense has acquired 95 percent shares of Toshiba Visual Corporation (TVS), the television business subsidiary of the Toshiba Corporation at a cost of 12. 9 Japanese Yuan, about $114 million. A statement said this acquisition includes Toshiba TV productions, brands and operations service worldwide.
The statement said the Toshiba Corporation management would however retain 5 percent of the business total shareholding.
Until this development, the statement said Toshiba dominated the global television technology and market shares for 142 years and boasts an 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 optimize 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 is 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, Abuja soon.
Hongxin further said that Hisense with the benefit of Toshiba acquisition will 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.
Big Read |