BRATISLAVA, Slovakia, February 22, 2017 /PRNewswire/ --

Sharp to reinforce a leading role within European audio-visual market 

Skytec UMC today announced the successful closing of the share transfer agreement with Sharp Corporation resulting in Sharp Corporation acquiring a majority 56.7 % stake in Skytec UMC Ltd. The result is the establishment of a new subsidiary with the objective to promote the manufacturing and sale of Sharp branded audio-visual products in Europe. The two companies combine their competences to create a powerful electronics business under the known Sharp brand.

"We are convinced that combining the brand image and innovation capability of Sharp and our knowledge of the European market, product requirements and our customer contacts, we set the path to become one of the major players in the European TV market," underlines Aslan Khabliev, CEO at Skytec UMC Ltd.

Skytec UMC provides a well-established infrastructure from manufacturing to sales, after sales service and marketing of TV devices in Europe. Since licensing the Sharp brand in Europe in 2015, Skytec UMC has shown convincing sales figures, successful localizing and selling top-of-the range TV sets at the best price point.

The current Skytec UMC organization remains entirely operative with Aslan Khabliev as CEO and is even going to be expanded to allow for further growth of the TV business under the Sharp brand. Furthermore the company continues to produce television sets under the "Blaupunkt" brand as well as private label televisions. Skytec UMC's fully owned plant in Poland will become part of the new Sharp subsidiary.

Sharp, pioneer in flat panel TVs and market leader in Japan, adds its innovation power to the new organization, while Foxconn Technology Group, the strategic alliance partner of Sharp Corporation, provides extremely cost effective manufacturing and major purchasing power.

Press Contact: Sascha.Lange@skytec-group.com

SOURCE Universal Media Corporation