Toshiba sells TV business to Hisense

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