Toshiba sells its electronics department to Hisense

Toshiba signed a deal today selling its television subsidiary to China’s Hisense, according to the Nikkei Asian Review. The Japanese company will sell a 95 percent stake in Toshiba Visual Solutions to Hisense Electric for $113.6 million. Toshiba will keep a 5 percent stake.

Toshiba is struggling hard after its US nuclear department filed for bankruptcy in March. It has sold other parts of its business to stay afloat, including its dishwasher and washing machine appliance branch to China’s Midea Group. The Visual Solutions subsidiary, in particular, had reported a net operating loss of $54.1 million in the last fiscal year.

The company that will buy Toshiba Visual Solutions has a bit of a rumored checkered past as well. Hisense happens…

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Author: Shannon Liao

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