Electronics manufacturer Hisense is continuing its 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, the company has announced.
Sharp was established in 1912. The acquisition allows Hisense to increase its presence and capacity in both North and South America, the company says. Revenues in these regions are expected to increase by $2 billion.
Since forming in 1969, Hisense has grown into a multi-billion dollar global conglomerate with a workforce of over 75,000 worldwide. Hisense products are sold in more than 130 countries with a sales revenue of $16 billion last year, the company reveals.
