TCL Investing $61 Million in Brazilian TV Venture Ahead of Rio Olympic Games
TCL is looking to boost brand recognition as a global TV supplier ahead amid the spotlight of the Rio 2016 Olympic Games, it said in a news release. TCL signed a memorandum of understanding to invest $61 million in Semp…
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TCL, a joint venture with Brazilian CE company Semp. Formal operations of Semp TCL, incorporated in Brazil, will begin Monday, it said. TCL spoke at CES of its broad strategy to become a top-tier global manufacturer and said it would expand into new categories this year (see 1601060012). TCL called Semp one of the largest appliance businesses in Brazil, with “substantial brand recognition,” which produces TVs, small home appliances and other CE products. Under the agreement, the two companies will collaborate on research, supply chain, production and sales with a focus on the core business of TCL and Semp TVs and other small electronics in the “mid to high range.” The venture is eyeing market share of 10 percent in Brazil, and a top-three industry ranking within three years, said TCL. Sales of TCL-branded products are expected to reach 800,000 sets, an 8 percent share in Brazil.