Toshiba Establishes New Subsidiary in South Korea|
7 December, 2001
Tokyo -- Toshiba Corporation's Digital Media Network Company today announced that it has reinforced its presence in the fast growing South Korean market with the incorporation of a subsidiary that will market PCs, color TVs, projection TVs and digital consumer products. The new company, Toshiba Digital Media Network Korea Corporation, will start operation in February 2002.
Under its locally appointed president, Mr. Cha In-Duk, Seoul-based Toshiba Digital Media Network Korea will increase Toshiba's South Korean market share in digital and visual products and promote high levels of customer support and satisfaction. The company will deploy advanced IT systems in all aspects of its operations, including e-commerce, in order to streamline management and administration and to maximize efficiency. When it starts operation in February, Toshiba Digital Media Network Korea will have up to 50 employees.
The Digital Media Network Company has established Toshiba Digital Media Network Korea as part of its strategic response to the growth and development of the South Korean market. Demand for portable PCs is increasing dramatically in South Korea, with U.S. market analyst IDC forecasting compound annual growth of 35% between 2000 and 2004, from 0.39 million units a year to 1.45 million units. The portable PC market share, currently 10%, is forecast to reach 23% of all sales in 2004, offering Toshiba opportunities in the market segment where it leads the world.
South Korea is also one of Asia's key markets for color TVs, with annual demand of approximately 2 million sets. Projection TVs are especially popular at the moment, with an annual growth rate edging 10%.
As a recognized leader in portable PCs and color TVs, Toshiba will initially focus on strengthening its brand image in the South Korean market, and advancing sales from approximately 70 billion won in fiscal 2002 to 250 billion won in fiscal 2004.
Corporate brand reinforcement will actually predate the start of operations at Toshiba Digital Media Network Korea. Toshiba has been appointed "Official IT Partner" and an official sponsor of the 2002 FIFA World Cup Korea/JapanTM and the 2006 FIFA World Cup GermanyTM. This sponsorship reinforces recognition of Toshiba's IT capabilities in today's Internet-ready age, alongside its well established reputation for technological know-how and excellent product reliability. Support for the world's most popular and widely watched sporting event will assure global projection of Toshiba as a proactive IT company.
About Toshiba Digital Media Network Company
One of Toshiba's ten in-house companies, the Digital Media Network Company promotes the convergence of computing, wireless networking, and audio and visual technologies that is at the heart of the IT revolution. The company develops and manufactures sophisticated hardware complemented by advanced software and services, and is an enabler of new and exciting lifestyles and forms of entertainment. An international network of sales and manufacturing subsidiaries and locally-based distributors and dealers give the Digital Media Network Company a truly global scope.
Outline of New Company
|Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.|