Country for PR: China
Contributor: PR Newswire Asia (China)
Wednesday, November 15 2017 - 00:49
AsiaNet
Hisense Purchases Toshiba Television Business
TOKYO, Nov. 14, 2017 /PRNewswire-AsiaNet/--

Hisense Electric Co., Ltd, a publicly listed subsidiary of Hisense Group, 
announced the purchase of Toshiba TV production, brand, R&D & operation service 
on November 14, 2017.

Photo - https://photos.prnasia.com/prnh/20171114/1992120-1
Hisense Purchases Toshiba Television Business

With its 142-year rich history, Toshiba has a leading display technology in 
Japan with the brand ranked highly international global technology brand list's.

Hisense will purchase 95% stock shares of Toshiba Visual Solutions Corporation 
("TVS"), a wholly owned subsidiary of Toshiba Corporation for 12.9 billion 
Japanese Yen with Toshiba retaining 5% stock holding. Hisense will obtain the 
TVS businesses including production, research and development, and sales 
functions as well as license to use the Toshiba brand for a period of 40 years 
for visual solution partners operating in Europe, South East Asia and other 
markets.

TVS primarily operates in TV and variety of ancillary products, including 
commercial and advertisement display products. The TVS purchase also secures 
two factories in Japan and hundreds of talented Toshiba R&D employees as well 
as a significant IP portfolio relating to TV technology business patents for 
image quality and acoustics.

Mr. Liu Hongxin, the CEO of Hisense Group, said that Hisense would optimize 
TVS's resources on R&D, supply chain or global sales channels, cooperate with 
and support each other in display technology, provide competitive content 
operation services for smart TVs for the global market and accomplish fast 
growth in Japanese market.

According to the IHS, sales of Toshiba TV ranked No.3 in Japanese market in 
2016 with the Hisense TV market share in Japan the highest among all 
non-Japanese brands. Collectively both brands' cumulative market share reaches 
over 20% after the transaction. Hisense's TV business in 2016 ranked third in 
the world (IHS) and has held NO.1 market share in China for 13 consecutive 
years.

As the Official Television Sponsor of the FIFA World Cup Russia 2018, Hisense 
is poised to continue to expand and implement its global brand vision and 
strategy. With the benefit of this acquisition, Hisense will develop and 
enlarge its international strategy of TV business in R&D, branding and 
marketing by operating under multiple brands. The cooperation between Hisense 
and Toshiba will drive changes to the new picture of TV business.

SOURCE  Hisense
Translations

Japanese