SHENZHEN, China, January 29, 2015 /PRNewswire/ — TCL Corporation, the leading consumer electronics enterprise, announced in January that the firm plans to restructure its operations into 11 entities, deemed the "7 plus 3 plus 1 structure", with seven entities focusing on the product businesses, three on the service businesses and one on the venture capital business, in a move to speed up the completion of TCL Corporation’s "Double Plus" transformation strategy (namely the "Intelligent + Internet" and "Product + Service" strategy ), the effect of which is to increase the value of its various businesses while taking advantage of the synergies that exist between them.
Based on the current structure and the addition of new businesses, the firm’s product businesses are being divided into 7 groups: TCL Multimedia Holdings, TCL Communication Holdings, China Star Optoelectronics Technology (CSOT), TCL Household Appliances Group, Tonly Electronics and two newly-established entities: commercial system business group and material business group.
In line with the overall transformation strategy, the firm’s service businesses are being divided into 3 groups: a newly-established internet application service group (including GoLive TV, TCL-IMAX Entertainment, smart home projects, Cloud Service Platform, and etc), a newly-established logistics service group (including an O2O platform), and a finance group.
And the TCL venture capital business is involved in all investment funds in which TCL has a holding or an equity participation, the main objective of which is to achieve the best financial return on its investments.
To build the new corporate structure, back in early 2014 TCL has already cooperated with CISCO, the world’s leading network solution provider, to jointly establish a public cloud service platform, aiming to develop itself in the cloud calculation, video communication, interactive technology as well as providing the back-office support for the its O2O platform, finance service platform in addition to other projects.
As a result of the restructuring, TCL will be able to proactively promote its "Double Plus" transformation strategy, leverage the synergies between its businesses more effectively and further enhance its market penetration capabilities across all of its businesses.
About TCL Corporation
Founded in 1981, TCL Corporation (000100.SZ) is one of the global leading consumer electronics firms, with four listed companies under its wing: TCL Multimedia Technology (01070.HK), TCL Communication Technology (02618.HK) and Tonly Electronics (01249.HK). Currently, TCL owns 11 entities, with 7 focusing on the product businesses, 3 on the service businesses and 1 on the venture capital business. Today, TCL employs 75,000 over 80 countries and regions, with 23 R&D and 21 manufacturing facilities across the globe.
During the first 3 quarters of 2014, TCL Multimedia was the world’s 4th largest shipper of TVs. The CSOT group of TCL, has been the fifth largest LCD TV panel manufacturer in the world. TCL Communication Technology has been the fifth largest in the mobile phones sales in world markets, including being ranked second in the Latin American market and the fifth in the North American market.
TCL Corporation acquired Schneider’s color TV business (in 2002), Thomson’s color TV business (in 2004), Alcatel’s mobile phone business (in 2004) and the right to use the Palm brand (in 2014).
Contact Person: Marta Chen
Phone Number: +86-755-3331-3868
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/consumer-electronics-giant-tcl-corporation-restructures-300027563.html