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Turkish Vestel plans to buy Toshiba’s TV engineering business

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Turkish Vestel plans to buy Toshiba’s TV engineering business

Vestel, a Turkish home and professional appliances manufacturing company, has announced that it is negotiating the purchase of the Japanese Toshiba’s unit for the production of TV sets.

The negotiations started within the framework of a strategy of strengthening positions on the international markets, Vestel said at the Istanbul stock exchange on Monday. However, the result of negotiations with Toshiba is still unclear, Reuters reports.

As it became known in early March, Foxconn Technology Group is interested in buying the Toshiba unit for the production of microchips for $13 billion.

Plans of the Japanese company to sell parts of its business are associated with large financial losses of the company’s American subsidiary servicing Westinghouse Electric nuclear power plants in the USA, amounting to $6,26 billion.

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