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© yuri arcurs dreamstime.com Business | November 16, 2017

Toshiba transfers 95% of TV unit to Hisense

Toshiba Corp will transfer 95 percent of the outstanding shares of Toshiba Visual Solutions Corporation (TVS) to Hisense Electric Co., Ltd. (Hisense), a publicly listed subsidiary of Hisense Group.
The USD 114 million transfer (JPY 12.9 billion) is scheduled for completion in or after the end of February 2018, pending regulatory approval.

"Toshiba positions Social Infrastructure, Energy, Electronic Devices and Digital Solutions as mid-term focus business domains and is concentrating its management resources in these domains. In these circumstances, it has become difficult for Toshiba itself to further invest its management resources and execute measures to strengthen the competitiveness of the Visual Products business. Toshiba has accordingly determined that the best way to strengthen and increase the corporate value of TVS and to ensure its continued development is to transfer it to Hisense, which has excellent management capabilities and resources", a Toshiba statement reads.

Under the terms of the deal, Toshiba will continue to lend its branding to products developed by TVS, such as television sets.

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December 04 2017 9:30 PM V8.9.2-2