[January 23, 2011]
El Araby, Toshiba JV to produce LCD televisions
(Daily News Egypt Via Acquire Media NewsEdge) CAIRO: A joint agreement has been signed by El Araby Group, Egypt's manufacturer and reseller of audio visual and home appliances, and Toshiba Corporation, the Japanese electronics group.
The agreement marks a joint venture by the two companies to manufacture Toshiba LCD TVs in the Middle East, including Egypt and North Africa.
Construction of the manufacturing facility, the JV formed under the name Toshiba El Araby for Visual Products, is now under way, and production of LCD televisions is scheduled to start in March this year.
The JV's activities will range from LCD panel module assembly to the production of finished products the first company in Egypt with this scope of production.
The new plant will have an initial production capacity of 600,000 units a year, mainly 24 and 32-inch models, and an initial workforce of about 300, according to a statement.
"As sales grow, the plant's capacity will be increased, up to 2,000,000 units a year in fiscal year 2013, and exports are estimated to be 320,000 units." said Ibrahim El Araby, CEO of El Araby Group.
Toshiba recorded worldwide sales of 10 million LCD TV units in fiscal year 2009, ended March 2010, and aims for sales of 15 million units this fiscal year.
The Middle East and the African region is one of the main areas where the company is channeling resources and looking to boost sales, and Toshiba aims to achieve a 15 percent market share in the region in fiscal year 2011.
The signing ceremony was held on January 13 in Cairo and attended by Rachid Mohamed Rachid, Minister of Trade, and Nour Yehiro Aukoda, ambassador of Japan in Egypt.
Mahmoud El Araby, chairman of the board of El Araby Group of Companies and Factories, and Masaaki Osumi, corporate senior vice president and president and CEO of Toshiba Visual Products Company, were also in attendance at the ceremony.
"El Araby Group has established a solid market presence by marketing and supplying leading global brands to our valued customers in Egypt and neighboring countries," said El Araby.
"Throughout this period, Toshiba has been and will continue to be by far the most important of our partners with whom we have worked closely in building up our reputation for quality products." He also added being confident in reinforcing their partnership with Toshiba will only further elevate their means to supply quality products that translate to the customers in their markets.
The companies hope that their collaboration will take their partnership to new heights as well as contribute to the development of the LCD TV industry in Egypt while promoting employment in the electronics industry.
"This will allow us to meet local market requirements and offer improved cost competitiveness," said Osumi. –Daily News Egypt (c) 2011 Daily NewsEgypt Provided by Syndigate.info an Albawaba.com company
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