Group Senna, a family-owned business conglomerate in Brazil announced it is joining forces with Syntax-Brillian Corp., one of the fastest-growing manufacturers of HDTVs in the US.
The alliance should accelerate expansion of Olevia LCD TVs into Brazil and Latin America. The firms have formed a joint venture company in Brazil called Olevia Senna do Brasil that will manufacture, market and support the full line of Syntax-Brillian's Olevia LCD TVs, starting at 20 inches and greater, customized for the Brazilian and Latin American markets.
Similar to the dramatic market growth experienced in the United States, the total quantity of flat-screen TVs sold in Brazil is estimated to double each year between 2006 and 2008, to a total of nearly one million units in 2008, by which time Olevia Senna do Brasil projects that it can capture a significant portion of the flat-screen TV market.
"We believe there is tremendous opportunity in Brazil and Latin America for our high-quality Olevia LCD TVs as more consumers decide to trade up from their old CRT TVs to enjoy the burgeoning HDTV revolution," said James Li, president of Syntax-Brillian Corp.
"With Group Senna's well-established worldwide business development alliances and strong name recognition in Brazil, Europe and Japan, we are proud to expand our international market presence with such a prominent partner."
"Syntax-Brillian's well-positioned Olevia LCD TV brand, coupled with its notable global supply chain infrastructure, is a key element for the successful launch into Brazil with us," said Leonardo Senna.
"This joint venture with Syntax-Brillian is complementary to our mission to produce and promote products offering substantial value to consumers, and we look forward to increasing the worldwide success of the Olevia brand."
Since introducing Olevia LCD TVs to North American consumers in 2004, the Olevia brand has steadily increased its popularity and is recognized as one of the Top 10 leading LCD TV brands.
"This alliance is part of our global expansion drive to capture greater market share in the LCD TV arena, which according to industry research group DisplaySearch grew at least 25% quarter-on-quarter per region worldwide," added Li.
"We are continually monitoring the global market growth of LCD/HDTVs and plan to solidify our business expansion in other parts of the world, including Latin America, Europe and Asia Pacific."
According to DisplaySearch, LCD TV shipments worldwide in 2005 rose 141% to reach 21.2 million units. DisplaySearch forecasts further LCD TV growth to approximately 42 million units worldwide in 2006.
Headquartered in São Paulo, in southeast Brazil, the Group Senna name is associated with high-end international products. With its motto of "Driven to Perfection," Group Senna has been engaged with numerous business ventures.
Through its partnership with Audi, Group Senna not only introduced the German brand to Brazil, but also promoted Audi to become the market leader in its automotive category over the past 10 consecutive years.
To carry on the dream of Ayrton Senna, the famous three-time Formula 1 world champion, Group Senna also founded the charitable Instituto Ayrton Senna for developing the potentials of the future generation.
Over the past decade, this foundation has contributed over US$ 80 million to assist the educational programs of 3.9 million children in Brazil.