Chapter 1718

The economic crisis in the United States has caused serious losses to many enterprises, including Thomson.

Thomson company, as one of the giants in the field of consumer electronics, is the first in the world in terms of set-top box, rear projection and many other terminal devices. Film and television post production, DVD-ROM sales channels, etc. are also the top in the world, but they are wrong in an important project.

This project is flat screen TV.

At the beginning, Feng Yu reminded Thomson that plasma TV is not worth investing so much. In the future, flat-panel TV will definitely have more advantages in LCD, because the enterprises invested in this camp are hundreds of times more than those invested in plasma enterprises.

It's a pity that Thomson didn't pay attention to this at the beginning. Their R & D investment in plasma is very high, but the sales situation is very poor.

Although later announced that the center of gravity turned to liquid crystal, but plasma TV also did not give up. As a result, they have two parallel routes, but they are totally different from the four-star group in South Korea.

Originally a TV business with high profitability, it lost hundreds of millions of euros every year.

At the beginning, these billions of euros of losses, Tom sun can bear. As a world-class consumer electronics giant, its assets are huge, and a few hundred million euros is nothing.

But they also adopt the credit model in the sales of electrical appliances in Europe and America. That is to say, consumers can pay down payment and then mortgage to pay for electric appliances.

Before that, it had no effect at all. The default rate is very low, but it can greatly improve their market share, making them the first in North America, and second only to Ximen in Europe.

With these market share data alone, their brand value is extremely high, and the company's share price performance is also very good.

But they made the same mistake as the same companies, that is, they should not allow their credit companies to engage in real estate and other financial projects.

In the past two years, when the subprime loan business was popular in the United States, Thomson's credit company also participated in the real estate credit business.

Although they are not directly engaged in real estate credit business, they have bought a lot of sub-prime bonds in the hope of gaining value and making money. At that time, their credit enterprise also made a lot of money every year.

But now, the subprime mortgage bonds will soon become junk bonds, and the default rate will rise sharply, which makes Thomson, a credit company, lose a lot of money.

And their default rate of electrical credit is also higher and higher. More and more bad debts appear, which makes their company's capital operation have big problems.

Even some of their joint ventures around the world have started to make big losses because of the worsening economic situation. For example, Chinese joint ventures, Indian joint ventures and so on.

More and more losses, the profitability of the profitable business is also declining, which makes their funds become more and more tight. Moreover, the production cost of Thomson is higher than that of other competitors.

France has a four-day work system, which is different from that of other countries. Although other countries have a four-day work system, they work ten hours a day, that is to say, forty hours a week, but you can get one day less transportation.

Some enterprises have a four-day working system and eight hours of working time. Such enterprises have reduced their employees' salaries.

But Thomson not only worked four days and eight hours, but also didn't reduce the salary of employees, which reduced their productivity and increased their costs.

When the economic crisis occurs, it is usually accompanied by the bankruptcy of factories and the unemployment of workers. Why? Because this expenditure is actually the largest part of the company's expenditure.

Thomson's spending on this is also among the top in the world.

When product sales decline, profits decline, and even some businesses suffer a lot of losses, they still have to pay such high salaries and benefits, how can the enterprise not have problems?

Feng Yu has long warned Thomson that there are great hidden dangers in their company's operation. But he and Thomson are just cooperative, not too close.

Saying too much will make people think that he wants to get involved in the operation of Thomson company.

At this time, Thomson's crisis was entirely their own fault, and Feng Yu had done his ally's duty.

In fact, the brand of Thomson is still liked by Feng Yu. The sales channels are also very good. Technically, there are many top brands in the world. But in terms of operation and management, Feng Yu is very indifferent.

Although the cost of production in China has been increasing, people's wages are starting to rise.

But Feng Yu paid them high salaries and asked them to improve their efficiency. And Feng Yu let the company set up factories in India, Brazil and other places, which is a way to reduce labor costs.

Of course, there are also some of the world's top OEM production, which is one of the ways to reduce costs.

Like Thomson, the cost is high.

Don't Thomson know his cost is high? Sure, but they didn't care.

They have big brands, strong technology, high added value of products, good sales and good profits.But when sales decline and other brands start to compete with them, these disadvantages are highlighted.

Thomson never thought that there would be an economic crisis in the United States, which was so serious. And the economic crisis has had such an impact on Thomson.

The global economy will be hit hard by this crisis, and many countries may have some economic downturn as a result. The most intuitive performance is that many people's income has declined.

Since income declines, then the ability to consume will naturally decline, and the number of people who buy their products will decrease. Their factory is about to cut production and their profits are about to drop.

These associated influences have caused a great blow to Thomson. They are also now considering whether to sell some businesses to ensure that the company can get through the difficulty smoothly.

The first time I want to sell some shares of the joint venture company. After giving up those burdens, they should be able to bear the cold winter. As long as the economic situation returns to good, they can make profits again.

A little more debt. They don't worry about it at all. Isn't it normal for large enterprises to be in debt? As long as the debt ratio doesn't exceed the safe line, it's OK.

The shares they plan to sell in joint ventures such as Huaxia need to be taken over by some powerful people, but they can't strengthen their competitors.

So they exclude companies from Europe, island countries and South Korea, aiming at their allies, such as wind and rain electronics. So Thomson contacted Liu Chuanzhi and expressed his intention to sell the shares of the joint venture.

Liu Chuanzhi asked Feng Yu if he would buy shares in the joint venture. They have measured that these businesses are good enough to increase their market share in China and even Asia after the merger.

Feng Yu refused directly. It sounds nice to increase his share, but it's a burden. The joint venture does not include Thomson's brand. If so, the offer is worth considering.

Thomson was very angry when he learned that he had been rejected. They threatened that if so, they would join other camps!

…… (to be continued. )