© ljupco smokovski dreamstime.com Electronics Production | July 15, 2016
Toshiba and Midea complete transfer of Toshiba’s home appliances business
Chinese industrial group, Midea Group, has completed the transaction to acquire Toshiba’s Home Appliances Business.
“Today marks another important milestone in the strategic partnership between Toshiba and Midea, which will bring benefits to our customers, employees, suppliers and partners,” said Mr. Paul Fang, Chairman and President of Midea. “We look forward to leveraging on our complementary resources and capabilities to fully realize the potential of the partnership. We believe our continuous investment in the brand, technology, marketing and people and unwavering commitment to product quality will enable us to serve our customers better and create more value for the society. To our home appliance customers, Toshiba brand will continue to be synonymous with excellence, reliability and innovation,” he continued. On March 30, 2016, the companies announced that they had entered into a Definitive Agreement to transfer 80.1% stake in Toshiba Lifestyle Products & Services Corporation (TLSC). As of June 30, 2016, all the condition precedents of the agreement has been satisfied and the relevant regulatory approvals have been obtained. The transaction price for the 80.1% stake was determined at JPY 51.4 billion (USD 500 million).