Hisense International announced that it is purchasing Sharp Corporation’s TV factory in Mexico and the rights to use Sharp’s brand name and channel resources in North and South America.

For more information visit: global.hisense.com

Unedited press release follows:

Hisense’s Major Expansion: Acquiring Sharp America

QINGDAO, China, July 31, 2015 — On July 31, Hisense Group and Sharp announced that Hisense will be purchasing all equity and assets of Sharp’s TV factory in Mexico for $23.7 million with rights to use the “Sharp” brand name and all its channel resources in both North and South American regions. This acquisition will have Hisense completely taking over Sharp’s TV business in these regions.

Sharp was established in 1912 and is known as the father of LCD TV. The acquisition will help Hisense gain an upper hand in both North and South America with the extended market capacity. Hisense revenues in these regions are expected to increase by 2 billion USD.

More details will be disclosed during the Hisense press conference on August 4th.