Source: Global Legal Chronicle

TCL Multimedia Technology Holdings Limited announced that TCL Argentina, an indirect wholly-owned subsidiary of the Group, has entered into a subscription agreement with RV, one of Argentina’s largest consumer electronics and home appliance manufacturers and distributors on Nov 28 Argentina time. According to the agreement, TCL Argentina will establish a joint venture (“JV”) with RV, and will own 15% equity in the JV. The move aims to consolidate its industry position and increase the competitiveness in the market by utilising the synergies and complementation of the JV.

RV is one of the top three brands in the consumer electronics and home appliance industry in Argentina, and possess the capabilities of research and development, manufacture, retail, as well as brand operations for various top international brands. RV has been in the consumer electronics and home appliance industry for 70 years and has performed well in terms of market competition and profitability in the recent decade. It has a very strong manufacturing base in Tierra del Fuego, a tax-free zone in the south of Argentina, which allows it to enjoy a variety of tax benefits. As TCL’s representative in Argentina, RV has been a strategic partner to TCL since 2004, producing and distributing TCL-branded TV, mobile phones, A/C, and refrigerators in the country.