OSAKA -- Sharp is set to purchase Slovak consumer electronics maker Universal Media Corp. for around 10 billion yen ($85 million) in an attempt to strengthen its overall TV business by re-entering the European market, the Nikkei has learned.
UMC currently sells TVs under the Sharp brand based on a licensing agreement reached in 2014. Through the planned acquisition, Sharp will effectively buy back the name and give a boost to its TV business, which the company places at the heart of its growth strategy.
After suffering losses, Sharp pulled out of the TV market in Europe and the U.S. as part of its corporate rehabilitation plans.
When Sharp became a subsidiary of Taiwan's Hon Hai Precision Industry this summer, it returned to its policy of reinforcing the TV business worldwide.