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Sharp drops lawsuit against China's Hisense

Japanese consumer electronics maker Sharp Corp. on Feb. 22 dropped a lawsuit it had filed in U.S. federal court against Chinese company Hisense Electric Co. Ltd. over the sale of Sharp-branded televisions in North America, the Nikkei Asian Review reported Feb. 23.

The case dates back to 2015 when Sharp reportedly granted Hisense a license to sell liquid-crystal display TV sets under the Sharp and Aquos trademarks in North America for five years, beginning in 2016.

Sharp subsequently changed its strategies after it was acquired by Hon Hai Precision Industry Co. Ltd., also known as Foxconn, but Hisense allegedly rejected Sharp's bid to buy back its brands, prompting Sharp to take legal action in the spring of 2017, Nikkei reported .

The Japanese consumer electronics maker also reportedly dropped a related patent infringement case it had filed at the U.S. International Trade Commission, the report said.

Sharp is seeking to re-enter the North American TV market using its existing brand names, according to the report.

Meanwhile, Hisense is reportedly planning to finalize its purchase of the TV business of Japanese conglomerate Toshiba Corp., whose computer business was reportedly being eyed by Sharp in January, Nikkei reported.