An unnamed official for the Turkish maker of electronics and home appliances has confirmed that his company has put in a bid for cash strapped Tosh’s telly business.
Tosh needs the cash. Toshiba, a televisions-to-construction conglomerate expects to book a net loss of about $9 billion for the year that ended in March, due to a writedown related to cost overruns at its US nuclear unit Westinghouse that recently went bankrupt.
It has already said that it will flog off its profit making chip business, but no one really expected its tellies to go Turkish, or that it could find a buyer for its TV business.
Vestel last year signed a five-year agreement with Toshiba, giving it the right to produce and sell televisions under the Toshiba brand in Europe. It is not clear if the Toshiba brand in Europe will get the works, if the deal goes ahead that will be no-body’s business but the Turks.