An Official Sponsor of the 2018 World Cup in Russia, Hisense Electronic Company Ltd, has acquired 95 per cent shares of Toshiba Visual Corporation (TVS).
As a key element of Hisenseâ€™s global strategy, the brand sponsored the last editions of the European Cup and the FIFA Confederation Cup also in Russia last June.
Hisense, a leading global brand in home appliances manufacturing is also the first Asian corporate sponsor of Russia 2018.
This acquisition includes Toshiba TV productions, brands and operations service worldwide.
The acquisition agreement that was signed off on November 14, 2017 with erstwhile owners, Toshiba Corporation of Japan, cost Hisense 12.9 billion Japanese Tuan (about $115 million).
The Toshiba corporation management will however retain 5 per cent of the production, research and development , engineering and sales functions.
Until this development, Toshiba had dominated the global television technology and market shares for 142 years and boasts an incredible share across the entire Asia, America, Europe and the Latin Americans.
The company primarily operated Toshiba TV and various auxiliary products including commercial display and advertisement display products. They had two factories in Japan patents related to TV image quality and acousticsâ€™.
Chief Executive Officer, Hisense Group, Mr Lin Hongxin, lauded the major acquisition and assured all stakeholders of the companyâ€˜s determination to optimise Toshibaâ€™s resources in research and development, supply chain, global sales channels and support each other in display technology to provide competitive content, operation services for smart TVs in the global market as well as to accomplish sustained fast â€“ growth and hold on the Japanese market.
In the last 12 months, sales of Toshiba TV had ranked No.3 in the Japanese market. While Hisense TVâ€˜s market share is the highest among all foreign brands.
All over the world, Hisense colour TV business ranked third in 2016 while it also maintained a consistent leadership position in China for 13 consecutive years.
In Nigeria Hisense has been equally visible with products sales and services nationwide through its proxy Fouani Nigeria Limited.
Only recently, it opened its first showroom in Port Harcourt while other outlets are billed for opening in Lagos, Kano, Ibadan and Abuja soon.
According to Hingxon, Hisense, with the benefit of the Toshiba acquisition, will develop and enlarge its international strategy for TV business in research and development branding and marketing by operating other multiple brands.