Hitachi is pulling out of its television manufacturing joint venture in Fuzhou, Fujian province, according to South China Morning Post. The Japanese electronics giant is selling its 48 per cent stake in the venture to an unnamed Chinese partner.
Established 21 years ago, the plant was successful in the 1980s. However, the venture, which employs 600 people and produces 21-inch and 24-inch colour television sets, was limited by its production capacity and, in the face of intense competition, moved into the red in 1999.