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| Friday, 16 January 2004 |
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Singer, TCL Corp tie up for electronic products By Sudarshana Perera Singer Sri Lanka Ltd merged with TCL Corporation in China to market and service TCL electronic products such as TCL Colour TVs, Plasma TVs and Home Theatre Systems in Sri Lanka. The new alliance comes in the wake of Singer's multi branding strategy to energise its market leadership in the country. TCL Corporation is a fast growing electronic giant in China. This was made known at a launch to announce the tie up at Continental Hotel on Wednesday. "This strategic alliance will allow us to accrue Chinese technology to Sri Lanka while help develop to expand more our business to rural areas ", said Chairman and Managing Director of Singer Sri Lanka, Hemaka Amarasuriya. "This is a broad alliance where we are going to get not only TCL products but also its product and marketing support, resource sharing on brand building and execution on distributor network", Amarasuriya said. He said that the Singer Group the only company to assemble TVs locally will seek the expertise of TCL to revive the local assembling industry while focussing to reduce the cost of assembling and create more job opportunities. He described the tie up as a marriage made in heaven since it will provide a dynamic outlook for Singer's corporate image. Outlining the initial financial understanding with TCL , he said Singer has successfully distributed the TCL brand of home electronics over the last 19 months and it exceeded our target results. " So we will buy more TCL products than what we sold during the last tenure. We have gained the total dominance of the colour TV market in Sri Lanka with sales exceeding 77,000 units in 2003", he said. Vice General Manager,TCL Overseas Marketing, Zhou Mingkang said that his company will extend the fullest cooperation to develop Sri Lanka's electronic industry by way of knowledge sharing and product support. "We will also develop products especially suitable for the Sri Lankan market", Mingkang said. He said that TCL entered into a joint venture with Thomson, a leading electronics giant in France to expedite its worldwide distribution network. First Secretary, Embassy of China, Ms Dong Jiang, Commercial Manager TCL Overseas Marketing Richi Liu, Marketing Director, Asita Abayasekera, Finance Director Asoka Pieris and Credit Director, P. Shivaji of Singer Sri Lanka were also present. |
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