SAN FRANCISCO, Nov. 14 (Xinhua) - Hisense Electric Co., Ltd., a publicly traded company owned by Hisense Group, jointly with Toshiba Corporation in Tokyo, today announced a 95% formal transfer of ownership of Toshiba Visual Solutions Corporation (TVS) Hisense.
Upon completion of the transfer, Hisense Electric will enjoy a package of businesses including Toshiba's TV products, brands and operation services, as well as a 40-year global brand authorization by Toshiba Television Inc. The amount of equity transfer is tentatively set at 12.9 billion yen (about 754 million yuan) , Is expected to be completed by the end of February 18 delivery.
At the ceremony, Liu Hongxin, president of Hisense Group and chairman of Hisense Electric, said: After the acquisition, Hisense will integrate R & D, supply chain and global channel resources to speed up the market and speed up its internationalization.
IHS data show that in 2016, Toshiba TV sales still ranked the top three in the Japanese market, after the completion of the acquisition will help Hisense TV to enhance its influence in the Japanese market.
This is not the first Hisense cross-border mergers and acquisitions, July 31, 2015, Hisense and Sharp Japan also announced: Hisense invested $ 23,700,000 acquisition of Sharp's entire plant in Mexico and assets, while Hisense will receive Sharp TV Americas brand rights and all channels Resources.
According to Orvital cloud data show that the third quarter of 2017, the domestic TV retail size of 1041 million units, down 12.9% in the domestic color TV market downturn in the market environment, the acquisition of Panasonic is expected to bring Hisense overseas sales of the former Enhance, at the same time enhance the brand image in the domestic market.