Hisense acquires Toshiba TV business for $115 million

Global home appliances manufacturer, Hisense Electronic Company has obtained 95 per cent shares of Toshiba Visual Corporation (TVS).

The acquisition agreement, which was signed recently with erstwhile owners, Toshiba corporation of Japan includes Toshiba TV productions, brands and operations services worldwide.

Costing about $115 million (USD), the agreement states that Hisense will henceforth control the entire Toshiba business including production, research and development, engineering and sales functions.

Commenting on the development, chief Executive Officer, Hisense Group, Mr. Lin Hongxin assured all stakeholders of the company’s commitment to optimize the brand’s resources in research and development, supply chain, global sales channels and support each other in displaying technology to provide competitive content, operation services for smart TVs in the global market, as well as, to accomplish sustainable growth in the market.

Recall, in the last one year, Toshiba TV sales had ranked number three in the Japanese market, while Hisense TV’s market share maintains top position among foreign brands, while its colour TV business maintains a consistent leadership position in China for 13 consecutive years.

In Nigeria, Hisense has also been visible with product sales and services through proxy Fouani Nigeria Limited, and just recently, it opened its first showroom in Port Harcourt, with the hope to open other outlets in Lagos, Kano, Ibadan and Abuja soon.