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TCL Sells Two Subsidiaries to France's Legrand

TCL Group (000100.SZ) announced on Saturday that the company has signed an agreement with French company Legrand to sell its stakes in two of its subsidiaries. Legrand will acquire TCL International Electrical and TCL Building Technology from TCL Group for 1.457 billion Yuan and 234 million Yuan, respectively. TCL Group previously held 80 percent stakes in both companies. Both deals will close on December 30, said the report. TCL said that the two companies will continue to use the TCL brand and that neither company will lay off employees. TCL said in its announcement that it plans to continue disposing of non-core businesses to focus on home appliances, handsets and PCs.

Lisa

December 12, 2005 in France and China |

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