Toshiba and Vestel agree European partnershipThursday, September 1st, 2016
IFA: Toshiba and Vestel Agree Strategic Partnership With Ambitious Growth Plans for Consumer TV Business in Europe
BERLIN — Vestel Ticaret AS (“Vestel”), wholly owned subsidiary of Vestel Elektronik Sanayi ve Ticaret AS (Borsa Istanbul: VESTL) have today announced a strategic brand license agreement with Toshiba Visual Solutions Corporation, wholly owned subsidiary of Toshiba Corporation (TOKYO: 6502)(“Toshiba”), centred on the production and sales of Toshiba branded consumer TVs in the European market. The partnership will come into effect after obtaining consents of the authorities in line with the relevant applicable law and under this agreement, Vestel will be responsible for the production, sales, marketing, and supply chain functions in the European market for Toshiba branded TVs while working closely with Toshiba research, development and quality assurance resources.
Toshiba and Vestel’s partnership will build on years of collaboration and the proven success which has enabled Toshiba to deliver quality products and a high reputation in European countries during past years. Based on Toshiba’s excellent brand heritage, design and engineering capabilities, and Vestel’s world-leading manufacturing expertise and supply chain network, the two companies have outlined ambitious growth plans for the European consumer TV market with aims to exceed Toshiba’s previous market position. To achieve this goal, Vestel will set up an experienced sales and product management team to support the business and establish a local presence in key markets with the aim of establishing a broad distribution in the European consumer market.
Vestel Group of Companies CEO Mr. Turan Erdogan commented, “With this strengthened partnership, we look forward to maximizing Toshiba’s potential for further growth and market reach. Already a renowned and trusted household name with a reputation for high quality, Toshiba will be positioned as our premier TV brand for Europe. We’ll be working hard to consolidate this market position, drawing on our manufacturing strength to collaborate with Toshiba on future product designs and developments.”
1. This partnership with Vestel follows the dissolution of Toshiba’s pan-European licensing agreement with Taiwan’s Compal Electronics, Inc., which was announced on the 17th June 2015.