Hisense become owner of Toshiba television division

Toshiba logo
Toshiba officially sold its television division to a Chinese origin company, Hisense. The Japanese company will release 95 percent stake in Toshiba Visual Solutions to Hisense Electric with a value of US $ 113.6 million. Toshiba will save the remaining 5% of the shares.

Toshiba was in financial trouble after the nuclear department in the United States they went bankrupt in March.

Since then, Toshiba has sold some of their divisions in order to survive, including the division of maker of Washing Machines and dishwasher to Midea Group of China.

Visual Solutions division reported an operating loss of US $ 54.1 million in the last fiscal year. Meanwhile, Hisense itself has experienced other problems. In June, Sharp Corp. from Japan sued them in San Francisco court.

In the suit, Sharp accused Hisense of selling poorly quality Sharp TVs that drove their brand value down, misrepresenting the size and extent of Sharp's branded TV and making TVs that emit harmful excess radiation. However, in the end, Sharp canceled this demand.

Hisense relationship with Sharp may no longer be saved. However, Hisense's decision to acquire Toshiba's television division will allow the Chinese company to make a 4K laser TV.