Hisense Electric, a publicly listed subsidiary of Hisense Group, has agreed to buy 95% of the shares of Toshiba Visual Solutions Corporation, a wholly owned subsidiary of Toshiba Corporation, for 12.9 billion Yen (R1.6 billion).<\/p>\n
Hisense will obtain the TV businesses, including production, research and development, and sales functions. TVS will acquire a 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\u2019s existing business partners operating in Europe, South East Asia, and elsewhere.<\/p>\n
Hisense said it will expand the international strategy for its TV business in the areas of R&D, branding, and marketing \u2013 with plans to operate under multiple brands.<\/p>\n
It said Toshiba has two factories in Japan, hundreds of employees, and a significant intellectual property portfolio related to the TV business.<\/p>\n
This includes patents related to TV image quality and acoustics.<\/p>\n
\u201cThe cooperation between Hisense and Toshiba will drive changes to the new picture of TV business,\u201d said Hisense.<\/p>\n