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Videocon acquires Thomson's CPT business
By agencies
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Tuesday, 28 June 2005, 19:30 IST
MUMBAI: IndiaÂ’S biggest domestic consumer electronics brand, Videocon has agreed to buy Thomson SA's television-tube business for $292 million.
The Aurangabad based Videocon will gain plants in Poland, Mexico and China producing glass picture tubes, Thomson said in a the company said today in a faxed statement. The purchase follows Videocon's January agreement to buy Thomson's Italian tube factory.
The sale is Thomson Chief Executive Frank Dangeard's last step in transforming the maker of consumer electronics into a supplier of digital equipment and services for movie studios and broadcasters, the company said. Thomson last year formed a joint venture for its TV business, which uses the RCA and Thomson brands.
For Videocon, which makes TVs, microwave ovens, refrigerators, ACs and washing machines, the purchase allows it to expand outside its home market, where it's facing competition from Korean electronic makers LG Electronics Inc. and Samsung Electronics Co.