Toshiba sells last part of TV division to Hisense

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Toshiba has sold its Toshiba Visual Solutions TV division to Chinese electronics company Hisense Electric. With the sale of the loss-making part, Toshiba, which is in trouble, raises 96 million euros.

Toshiba is selling a 95 percent stake in its TV division and retaining a 5 percent minority stake. Toshiba reports this in an explanation of the divestment of the TV division. It concerns the latest activities of Toshiba in the TV market. Focusing solely on the Japanese market, Toshiba Visual Solutions produced 700,000 more TVs in its previous fiscal year, which ended in March 2017.

The part was loss-making; the divestiture is part of Toshiba’s strategy to focus on profitable core businesses and improve its financial position. In 2015, Toshiba already undertook a major TV reorganization. Then the company scrapped all its operations outside of Japan. Since then, Toshiba has licensed its brand name in Europe to Turkish company Vestel, while in the US, Taiwanese Compal has the right to market Toshiba TVs.

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