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Toshiba acquires Chinese appliance venture

(Agencies)
Updated: 2008-08-13 15:36

Japanese electronics giant Toshiba Corp has turned the household appliance manufacturer it ran with top Chinese electronics maker TCL Corp into a wholly owned subsidiary, the Nikkei reported on Wednesday, without citing sources. 

With the move, it aims to create a more speedy management structure at Toshiba HA Manufacturing (Nanhai) Co so that the unit can respond to a changing market environment, the business daily said.

Toshiba's wholly owned subsidiary Toshiba Home Appliance Corp, which owned a 90 percent stake in the joint venture, purchased TCL's 10 percent interest for approximately 200 million yen ($1.8 million), the report said.

Toshiba HA Manufacturing began operating in July 2006 and presently churns out 900,000 refrigerators and 750,000 washing machines a year.