Hitachi to stop making televisions

Tuesday, 24 January 2012 00:00 - - {{hitsCtrl.values.hits}}

TOKYO: Japanese high-tech giant Hitachi said on Monday that it will stop making televisions by the end of September as intense price competition hurts TV earnings at many electronics manufacturers worldwide.

Hitachi will “terminate television production by the end of September” in Japan, said Sayori Nishino, a company spokeswoman, having already outsourced overseas TV manufacturing to foreign firms in 2009. But it will still sell televisions branded with its “Wooo” logo made by contractors. For Japanese manufacturers in various sectors the surging yen has weighed on sales in foreign markets by making Japan-made products more expensive, as well as reducing the value of repatriated earnings.

Ratings agency Moody’s last week downgraded both Sony and Panasonic, citing losses in the two firms’ TV divisions, among other factors.

Television manufacturers around the world have been badly hit by rampant competition and minuscule margins, making profits difficult to squeeze out with consumers increasingly unwilling to shell out sky-high prices for sets.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.