TOKYO, Feb. 26 (Xinhua Silk Road) -- Panasonic Entertainment & Communication, a subsidiary of Panasonic Holdings, announced Tuesday a comprehensive partnership with Shenzhen Skyworth Display Technology and its group companies. Under the agreement, Skyworth will lead sales, marketing and logistics of Panasonic TVs in Europe. The two companies will also cooperate in the development of new OLED TV models.
As a top-five global TV brand, Skyworth will bring world-class product innovation supported by extensive R&D investment, alongside a rapidly expanding international footprint and an established distribution network. The strategic alignment is expected to accelerate the growth of Panasonic-branded TVs across the regions, said Peter Zhang, CEO of Shenzhen Chuangwei-RGB Electronics.
The new business model will leverage the power of Panasonic's core technical excellence in audiovisual processing, quality and service standards with Skyworth's manufacturing volume and speed to provide a winning formula for the customer value proposition, said Akira Toyoshima, chief executive of Panasonic Entertainment & Communication.
Earlier this year, Sony announced it would contract its TV business to a joint venture led by China's TCL. Other Japanese electronics manufacturers, including Sharp and Toshiba, have also transferred control of their TV businesses to foreign companies.
(Contributed by Li Shimeng, edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)
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