JVC Pulling Out Of The Japanese LCD TV Market?
Rumor has it that JVC is set to pull out of the Japanese LCD TV market to instead focus on the North America and Europe where the brand has seen greater success. Expected to be officially announced April 25 at its earnings call for the 2007 fiscal year, JVC has apparently made the decision after spending the last few years trounced by domestic competitors such as Panasonic and Samsung. The company, of which Panasonic-parent company Matsushita owns 36.8% is currently the 5th largest LCD TV manufacturer in Japan, but only holds a domestic market share of 3.1%, succumbing to the greater manufacturing powers of bigger brands.
Although JVC plans to continue serving the LCD TV needs of corporate and public sector clients in its home country, its decision to pull out of the consumer market definitely made investors happy yesterday as JVC share shot up nearly 12% following the announcement. The company, which supposedly lost $470.2 million last year, hopes to up their LCD TV sales to 1.1 million units in 2008, with 65% of that total contributed by overseas sales.
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Posted by Justin Davey at April 16, 2008 7:00 AM