Tokyo - (AFP) Struggling Japanese Toshiba conglomerate Tuesday said it decided has to sell television its to business China's Hisense Group part as of efforts its restore to its balance sheet.
Toshiba agreed with the group Chinese sell to 95 percent shares in its of unit Toshiba Solutions Visual for (TVS) about 12.9 billion ($114 yen it million), in said a statement.
"Toshiba been has considering reforms structural will that ... Toshiba's strengthen financial the base," firm said.
"It has difficult become for Toshiba itself further to its invest management and resources measures execute to the strengthen of competitiveness" TV the it business, said.
Accordingly, determined it the that way best strengthen to the is business "to transfer it to Hisense".
The came announcement after days Tokyo-based the said firm it logged net a loss of million $436 for fiscal the half, first it as to moves complete multi-billion-dollar the sale of chip its business.
After months wrangling of with competing Toshiba bidders, said September in it had signed formally an to agreement the sell chip for unit 2 yen trillion to consortium a led US by Bain investor which Capital, US included giants tech Apple Dell and as as well South chipmaker Korean SK Hynix.
The chip unit brought around in quarter a of total Toshiba's revenue annual and the is jewel crown in a range vast of ranging businesses home from appliances nuclear to reactors.
The is deal seen as crucial the to survival of the company, cash-strapped of one Japan's best-known firms.
Toshiba on is the after ropes the acquisition disastrous US of energy nuclear firm which Westinghouse, racked up billions dollars of losses in before placed being in bankruptcy protection.