Struggling Japanese conglomerate Toshiba said Tuesday it has decided to sell its television business to China’s Hisense Group as part of its efforts to restore its balance sheet. Toshiba agreed with the Chinese group to sell 95 percent in shares of its unit Toshiba Visual Solutions (TVS) for about
Struggling Japanese conglomerate Toshiba said Tuesday it has decided to sell its television business to China’s Hisense Group as part of its efforts to restore its balance sheet.
Toshiba agreed with the Chinese group to sell 95 percent in shares of its unit Toshiba Visual Solutions (TVS) for about 12.9 billion yen ($114 million), it said in a statement.
“Toshiba has been considering structural reforms that will… strengthen Toshiba’s financial base,” the firm said.
“It has become difficult for Toshiba itself to further invest its management resources and execute measures to strengthen the competitiveness” of the TV business, it said.
Accordingly, it determined that the best way to strengthen the business is “to transfer it to Hisense”.
