Hisense acquires Sharp America's TV business

Hisense, a manufacturer of flat panel TVs, household appliances, and mobile communications, announced that it will acquire Sharp America's television business for the North and South American markets in a deal valued at $23.7 million (Dh87m).

The company, which manufactures a range of electronics, mobiles, tablets, air-conditioners and home appliances, is present in the Middle East markets.

It is purchasing Sharp's TV manufacturing facility in Mexico that can produce over 3 million liquid crystal display sets every year. All channel resources of Sharp in North and South Americas, will also be transferred to Hisense. The acquisition is expected to boost income from US markets for Hisense by an additional $2 billion (Dh7.35bn).

In a media statement, Hisense said it will transfer its ultra-light emitting diode technology and Internet interactive technology to Sharp's products to strengthen its market reach among the tech-savvy young generation and families.

It noted that the new acquisition is one of the several international expansions by Hisense. It has seven global research centres and posted a 26 per cent growth in overseas business last year.