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2,094Chinese giant looks to expand worldwide presence.Hisense, the leading Chinese electronics manufacturer, is continuing its major expansion plans with the acquisition of Sharp America. In a deal worth $23.7 million, Hisense will purchase all equity and assets of Sharp’s TV factory in Mexico, as well as rights to use the ‘Sharp' brand name, and all its channel resources in both the North and South American regions. Sharp was established in 1912 and is known as the father of LCD TV. The acquisition allows Hisense to increase its presence and capacity in both North and South America.
This news merely reinforces what we already knew, the traditional Japanese TV manufacturers are struggling, whilst the Chinese are on the rise. Already this year we have seen Toshiba shut down their TV operations outside Japan and in the case of Sharp they sold off their European TV business last year. Whilst the TV market might currently be dominated by the two Korean giants - Samsung and LG - just remember where they were a decade ago. So we can expect to see Hisense become a household name over the next few years.
Since forming in 1969, Hisense has grown into a multi-billion dollar global conglomerate with a workforce of over 75,000 worldwide. The company is a world leader in household appliances and was the fourth largest TV manufacturer globally in 2014. Hisense products are sold in more than 130 countries with a sales revenue of $16 billion last year. With 17 production facilities and seven R&D centres globally, Hisense invests more than 5% of its annual sales revenue in research and development.
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