"Nihon Keizai Shimbun" reported on November 15 that on the 14th, Japan’s Toshiba announced that it will sell its continuous loss-making TV business to China Hisense Group. Ninety-five percent of the shares in the TV business subsidiary will be transferred to Hisense for a price of 12.9 billion yen. Toshiba, which was financially damaged due to a huge loss in its nuclear power business, is eager to deal with non-core businesses. The Toshiba TV business, which launched Japan's first color television set in 1960, has also become a target. The whereabouts of the personal computer business, which was once the global leader, became the next focus.
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The sale to Hisense was a TV business subsidiary, Toshiba Visual Solutions. The company is responsible for the development and production of "REGZA" brand televisions. On the same day, Toshiba signed a share transfer contract with Qingdao Hisense Electric, a subsidiary of Hisense Group. The remaining 5% stake is held by Toshiba. The sale plan is completed after the end of February 2018. The "REGZA" brand will also be transferred to Hisense.
Hisense will continue to employ 780 employees of Toshiba Image Solutions and will make full use of the factories in Aomori Prefecture and the sales network in Japan. Hisense will continue to carry out R&D, sales and maintenance of “REGZA†brand TVs in Japan through Toshiba Image Solutions.
Since the total liabilities of Toshiba Image Solutions in fiscal year 2016 (as of March 2017) exceeded the total assets of 11.8 billion yen, Toshiba’s total sales proceeds are estimated to be approximately 25 billion yen (before tax). The proceeds will be included in the consolidated settlement for FY2017 (as of March 2018).
Toshiba’s television-centric imaging business has continued to lose money since 2011. In FY 2016, there was an operating loss of 12.9 billion yen, and it is estimated that it will not be possible to avoid operating deficits for seven consecutive fiscal years in fiscal year 2017. In fiscal 2014, global sales were 5.25 million units, but it was suppressed by the price offensives of Korean and Chinese manufacturers. Currently, there are only about 600,000 units sold in the Japanese domestic market. It is turned into an authorized type overseas, which reduces the scale of business.
After Toshiba broke its accounting fraud scandal in 2015, it tried to achieve financial soundness by selling its business. In March 2016, Toshiba announced the sale of its former core business white goods to China Midea Group. The highly anticipated medical device business was also sold to Canon.
At the end of 2016, after a huge loss in the US nuclear power business subsidiary, Toshiba began negotiating sales of its semiconductor memory business, which is the main source of profit. At the end of September 2017, the Japan-US-Korea alliance, which is led by Bain Capital of the United States, signed a sale contract and entered the review stage of the anti-monopoly law of each country.
Toshiba had hit a record high of 7.2088 trillion yen in consolidated sales in fiscal 2007. After selling the business in succession, it is expected that its sales will be halved from its peak value. In addition to the semiconductor memory business scheduled to be sold, Toshiba’s fiscal year 2017 sales are 3.7 trillion yen, and its operating profit is only about 10 billion yen.
Toshiba President Gang Chuan-chi said that after the sale of semiconductor memory business, Toshiba will be transformed into a “business based on social infrastructure business†such as elevator-related business and power generation systems. However, Toshiba has not yet found a business with annual profits of 100 billion yen. It is also not clear to what extent the benefits of the ICT sector in the development of the Internet of Things can be expanded.
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