Toshiba sells TV business to Hisense

The Sun (Malaysia) - - SUNBIZ -

TOKYO: Strug­gling Ja­panese con­glom­er­ate Toshiba said yes­ter­day it has de­cided to sell its tele­vi­sion business to China’s Hisense Group as part of its ef­forts to re­store its bal­ance sheet.

Toshiba agreed with the Chi­nese group to sell 95% in shares of its unit Toshiba Vis­ual So­lu­tions (TVS) for about ¥12.9 bil­lion (RM477.4 mil­lion), it said in a state­ment.

“Toshiba has been con­sid­er­ing struc­tural re­forms that will ... strengthen Toshiba’s fi­nan­cial base,” the firm said.

“It has be­come dif­fi­cult for Toshiba it­self to fur­ther in­vest its man­age­ment re­sources and ex­e­cute mea­sures to strengthen the com­pet­i­tive­ness” of the TV business, it said.

Ac­cord­ingly, it de­ter­mined that the best way to strengthen the business is “to trans­fer it to Hisense”. – AFP

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