German TV maker Loewe eyes production shift to Asia
Loewe was seeking a partner “that will deliver the major hardware components”
BERLIN: Ailing German television maker Loewe aims to outsource nearly all its manufacturing to Asia after filing for protection from its creditors, its chairman was quoted as saying on Sunday.
Matthias Harsch told news weekly Der Spiegel that Loewe was seeking a partner “that will deliver the major hardware components — processors, circuit boards and screens”.
He said the company, now in its 90th year, needed to focus on its strengths as part of an accelerated restructuring.
“We are no longer an appliance manufacturer — I am trying to open the company’s eyes to that,” he said.
Harsch said the most likely potential partners were Chinese television manufacturers such as TCL, Changhong, Skyworth and Hisense, adding that a deal was crucial within the next three months.
He added that he could not rule out job cuts as part of the company’s restructuring.
