Texas Pacific Group Acquires Control of JVC Brand
Although Matsushita has yet to confirm it, private equity firm Texas Pacific Group may have won a bid to acquire controlling interest in the JVC brand from Matsushita. JVC, founded in 1927 and developer of the first-ever VCR technology in the 1970s, will have a sale price of about $680 million.
According to Reuters, “Although JVC enjoys brisk demand for hard disk drive-equipped camcorders, its rear-projection television sales have been hit by sharp falls in plasma TV prices.
“It is also struggling to compete with industry titans such as Sony Corp. and Samsung Electronics Co. Ltd. in the liquid crystal display TV market.
“JVC expects to post an operating loss of 1 billion yen for the year ending March 31 on sales of 764 billion yen.”
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