Chinese company TCL teamed with French company Thomson Tuesday in the capital of southern Guangdong Province to form the world largest television production joint venture.
The TCL-Thomson company will produce 18 million television sets annually, replacing Sony as the leading global television maker, said Li Dongsheng, chairman of TCL International and Charles Dehelly, Chief Executive Officer (CEO) of Thomson, at a signature ceremony Tuesday here.
The two companies plan to combine their TV and DVD businesses, according to the cooperation memorandum. Total assets of the joint venture will amount to 450 million Euros, with TCL International holding 67 percent and Thomson 33 percent of the shares.
According to the memo, TCL will contribute all its TV and DVD related factories, research and development institutions, and sales network in China's Mainland, Vietnam and Germany to the joint venture. Meanwhile, Thomson provides its corresponding facilities and agencies in Mexico, Poland and Thailand.
TCL-Thomson plans to promote products under the brand of TCL in Asia and other new markets while selling "Thomson" products and "RCA" products in the European and North American markets.
The Hong Kong-listed TCL is China's top TV and mobile phone producer. Thomson traded in New York and Paris, is one of the biggest TV sellers in Europe and North America.
(Xinhua News Agency November 5, 2003)