In a deal announced last week, Hisense outlined their acquisition of Toshiba Visual Solutions (TVS) a subsidiary of the Toshiba Corporation. Hisense will own 95% of TVS, the newly formed subsidiary, taking over all Global Production, R&D and Sales functions for the Toshiba TV business, plus rights to the brand for 40 years.
Hisense UK, a subsidiary of Hisense announced the deal to their market and media on November 14th. With a prestigious 142-year history, Toshiba are a recognised and well-respected household brand in the United Kingdom so this acquisition was well received as a real statement of intent by the domestic business and technology media.
The deal will see Hisense respect and honour TVS’s existing contracts, including their partnerships with partners. The additional production, research and development facilities and resources that this deal brings also means that UK consumers can expect Hisense to continue their technological advances and build on their current successful TV ranges to offer customers constantly improving products. On a global level, Hisense will employ a double-brand strategy moving forward with the Toshiba brand and its own.
Speaking on the acquisition, Louis Hou, Managing Director of Hisense UK said: “This deal is an important step forward for the Hisense brand, particularly in our UK market where Hisense UK is consistently growing and challenging some of the larger, more established TV brands. The acquisition of TVS and the Toshiba brand name carries a lot of weight with the UK consumer, and will help elevate our status within the eyes of our target customers. We have incredibly efficient sales networks across the world and this deal will see Toshiba’s reputable brand name work alongside our strengths of sales, promotion and manufacturing.
“Announcing the deal now will act as a fantastic platform ahead of 2018 and our sponsorship of the FIFA World Cup. We’re looking forward to working with our partners in the UK and further afield to make next year the most successful for Hisense UK to date.”
Howard Grindrod, Deputy Managing Director of Hisense UK, added: “This deal represents another momentous milestone for the Hisense brand – as we continue to grow and re-invest in R&D across the world, these acquisitions and deals will keep positively impacting the product we’re able to offer our UK customers. Acquiring Toshiba, a brand that is recognised and respected in the UK market, is a huge statement for Hisense and we look forward to continuing to offer incredible products to our markets across the world.”
For more information about this deal, contact one of the team via Hisense@hatchpr.co.uk