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Hisense’s TV division has enjoyed a rather brisk rise in South Africa, but it seems like global operations are doing big numbers as well. Now, the company has announced that it’s acquired Toshiba’s TV unit.
“In this transaction, Hisense will purchase 95% stock shares of Toshiba Visual Solutions Corporation (TVS), a wholly owned subsidiary of Toshiba Corporation, with the price of 12.9 billion Japanese Yen (R1.6-billion),” the Chinese company announced in a press statement.
So what does Hisense gain from this as a result?
“Hisense will obtain the TV businesses, including production, research and development, and sales functions,” the release reads — but that’s not all.
“…TVS will acquire a worldwide license to use the Toshiba brand in connection with its visual solutions products and services for a period of 40 years, including in connection with TVS’s existing business partners operating in Europe, South East Asia, and elsewhere.”
Toshiba reportedly has two factories in Japan and a “significant” IP portfolio.