China's TV manufacturer TCL announced recently that it has reached agreement on buying the bankrupt German TV maker Schneider Electronics AG for about 8.2 million euros.
According to the agreement, TCL's subsidiary Schneider Electronics GmbH, purchased the production line, inventory and trademarks of the renowned Schneider and Dual of Schneider Electronics AG, a company with more than 100 years of operation, which declared bankruptcy earlier this year.
TCL will also rent a 24,000 square-meter production facility in Tuerkheim, Germany, to serve as its European manufacturing base. The plant is scheduled to begin operations at the start of 2003.
Li Dongsheng, chairman of the board of TCL International, said the purchase will help TCL to expand its business in Europe, and the Schneider brand will provide TCL with access to its worldwide distribution network.
(Xinhua News Agency October 8, 2002)