China's Hisense acquires Toshiba's TV, visual solutions unit

China Plus/AP Published: 2017-11-14 19:36:24
Share this with Close
Messenger Messenger Pinterest LinkedIn

Chinese electronics maker Hisense Group on Tuesday officially announced a 95-percent acquisition of the TV and other visual products subsidiary of Japan's Toshiba.

[File photo: VCG]

[File photo: VCG]

The deal, worth 12.9 billion yen (around 113 million USD), is set to be completed by the end of February 2018.

When the deal is completed, the Chinese electronics maker will attain the operations of Toshiba TV's products, brand and other services.

Liu Hongxin, the president of Hisense Group, said the purchase will quickly expand the company's market scale and speed up its course of globalization.

Hisense TV has held the largest market share in China for 13 consecutive years, and its global expansion in recent years has led the company to hold the third largest global market share.

Tokyo-based Toshiba is suffering massive losses from its nuclear business. Its U.S. nuclear operations at Westinghouse Electric Co. filed for bankruptcy earlier this year. The Japanese electronics, computer chip and nuclear giant said the deal with Hisense will improve its financial results.

Related stories

Share this story on

Most Popular


A treat for Star Wars fans - droid R2-D2 on display in Hangzhou
When hot pot meets hot spring
China prepares to build 5th Antarctic research station
Annual Christmas parade held in Panama City
Combo photos of survivors of Nanjing Massacre
2017 Belt and Road Brand Expo attracts visitors in Shanghai


Media briefing on Xi Jinping's APEC leaders meeting, SE Asia visit
"Naughty" elephant damages two vehicles in SW China
Chinese group demands compensation from Japan for Nanjing Massacre
Chengdu tops list as China's happiest city
Top procuratorate investigates Sun Zhengcai
Xi stresses nonstop efforts to fight undesirable work styles