Toshiba and Midea Complete the Transfer of Toshiba’s Home Appliances Business
Date: Jun 30, 2016
Source: Shengbang Electric Hits: 6150
“Today marks another important milestone in the strategic partnership between Toshiba and Midea, which will bring benefits to our customers, employees, suppliers and partners,” said Mr. Paul Fang, Chairman and President of Midea, “We look forward to leveraging on our complementary resources and capabilities to fully realize the potential of the partnership. We believe our continuous investment in the brand, technology, marketing and people and unwavering commitment to product quality will enable us to serve our customers better and create more value for the society. To our home appliance customers, Toshiba brand will continue to be synonymous with excellence, reliability and innovation.”
As previously announced on March 30, 2016, Toshiba and Midea had entered into a Definitive Agreement (“DA”) to transfer 80.1% stake in Toshiba Lifestyle Products & Services Corporation (“TLSC”). As of June 30, 2016, all the condition precedents of the DA has been satisfied and the relevant regulatory approvals have been obtained. The transaction price for the 80.1% stake was determined at JPY51.4 billion (c.US$500 million).
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