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Toshiba plans to abandon US television market

Toshiba has announced it plans to cease television sales across North America.

The Japanese electronics firm blames tough competition in terms of pricing across the continent for its decision.

Instead, Toshiba hopes to license its North American TV business to Compal Electronics, a Taiwanese company.

It also plans to swap out its development division and sales for brand licensing for the TV business in all markets except for Japan.

“As the growth of global market is slowing down, and continues to see harsh price competition, Toshiba has decided to build a new business structure,’ Toshiba explained.

Toshiba claims that TV units from the new business will begin retailing across North America in March.

It’s not yet clear whether Toshiba will make similar announcements for other markets, with the company making no specific reference to the UK in its release.

Related: Best TVs 2015: Best HD, 3D, and 4K TVs

It’s not all grim news on the Toshiba front, however – the company just announced a 71.9 billion yen (£403m) net profit for the April to December period last year.

That’s a significant leap upwards from the same period in the previous year, which was a far lower 38.68 billion yen (£217m).

This is thanks to a large jump in operating income from its nuclear power and railway divisions.

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