Toshiba, TCL Team Up for LCD TV Sales in China
July 16, 2010
Toshiba
announced on July 14, 2010 that the company and Chinese electronics manufacturer
TCL have agreed to form an LCD (Liquid Crystal Display) TV sales joint venture
in China, Nikkei reported. The new joint venture, Toshiba Visual Products, is
expected to start operation in September this year in Guangdong Province. It is
estimated that the new company is valued at approximately 600 million Yen
(US$6.9 million; US$1=87.2 Yen). Toshiba will own a 51% stake in the venture,
and the remaining 49% goes to TCL. Toshiba Visual Products is expected to sell
mainly Toshiba-branded LCD TVs and plans to expand the number of its store to
10,000 by fiscal year 2012. Also, the company aims to account for a share of at
least 5% in the Chinese LCD TV market by fiscal year 2015.