Sharp has announced that it is shuttering its television manufacturing business in both North and South America.
However, that doesn’t mean you won’t see Sharp-branded TVs sold in the regions anymore.
That’s because Sharp is going to lease the rights to its brand name to Chinese tech firm Hisense.
The company’s Aquos and Quattron TV brands will be licensed to Hisense too.
Hisense has been trying to crack the market stateside for a while now, so this is a big coup for the company.
As part of the move,
Sharp’s US TV business has struggled in recent years, with significant losses posted in the quarter ending in June.
In a statement, Sharp writes: “In recent years, Sharp has not been able to fully adapt to the intensifying market competition, which led to significantly lower profits compared to initial projections for the previous fiscal year, and has been suffering from poor earnings performance.”
Things could be looking up for the company financially however, as the deal with Hisense was worth $23.7 million to Sharp.
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Sharp isn’t giving up on the Americas completely however; it’s just closing the doors on TVs in the region.
The company will still be peddling a number of electronic goods under its own name, including ovens, photocopiers, and solar cells.
Do you think ditching the TV business was the right move for Sharp? Let us know in the comments below.