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Hisense will purchase 95 percent of the equity of Toshiba Visual Solutions Corp, a wholly owned subsidiary of Toshiba Corp, for 12.9 billion yen ($113.5 million), the company said in an announcement sent to the Global Times on Tuesday.
The Chinese company will acquire the Japanese company’s businesses including production, research and development (R&D) and sales, as well as a 40year license to use the Toshiba brand for visual solution partners in Europe, South East Asia and other markets, the announcement noted.
Hisense will optimize Toshiba’s resources involving R&D, supply chains and global sales channels, and the companies will cooperate with and support each other in display technology while providing competitive content operation services for smart TVs for the global market and accomplish fast growth in Japanese market, Liu Hongxin, the CEO of Hisense Group, was quoted as saying in the announcement.
Sales of Toshiba TVs ranked No.3 in the Japanese market in 2016 and the Hisense TV market share in Japan the highest among all non-Japanese brands, the Chinese company said, citing IHS market research data.
The Chinese company has been tapping into smart home appliances in recent years. During the Consumer Electronics Show 2017 held in January, it showcased its latest connected freezers with built-in voice controls, according to media reports. Its major rivals include South Korea-based LG Group.
Toshiba will consider whether to terminate its personal computer and TV business after it incurred a first-half group net loss for the first time in five years, Japanese media reported on Friday, citing an executive from the company.
The loss for April-September stood at 49.79 billion yen, against a profit of 115.309 billion yen a year earlier, according to the media report.