Gadgets

April 2, 2012

Philips officially out of the TV business as sale to TPV Technology closes

Share

Philips and TPV announce start of Television joint venture named TP Vision
– Joint venture to leverage the strengths of Philips and TPV in global Television market
– Ensures the future of the Philips brand in Television

Amsterdam, the Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that the transaction to create a Television joint venture with TPV Technology Limited (0903.HK) has been completed. The joint venture will be called TP Vision and will be 70% owned by TPV and 30% by Philips. TP Vision will develop, manufacture and market Philips branded TV sets.

The completion of the agreement comes after the necessary merger clearance, governmental and TPV shareholder approvals were obtained. TP Vision, with headquarters in Amsterdam, will be led by Mr. Maarten de Vries. TP Vision will combine the design expertise and innovative Philips TV heritage with the manufacturing scale, and operational excellence, of TPV.

“TP Vision will be a strong player in the global TV market and will ensure the continuity of the Philips TV brand in the markets,” said Philips Chief Executive Officer Frans van Houten. “TP Vision will leverage the strength of the Philips brand, innovation power and trade relationships, with the additional scale and manufacturing strengths of TPV. The TV partnership with TPV enables Philips to focus on expanding market leadership positions across our Healthcare, Consumer Lifestyle and Lighting sectors.”

“We are glad to have Philips as a partner in this Television joint venture,” said TPV Chairman and Chief Executive Officer Jason Hsuan. “This partnership will enhance Philips’ brand position in the TV space and bring sustainable returns to both shareholders. Philips and TPV have been partners for many years and we are confident that together we can become a major player in Television globally.”

“TP Vision is here to stay and grow profitably,” said TP Vision Chief Executive Officer Maarten de Vries. “TP Vision will continue to bring the high level of innovation consumers expect from a Philips TV. Our recently launched 2012 series have everything to enjoy the world of digital content delivered via broadcasting and the Web. We believe in creating products that touch the human senses and are within reach of all consumers in the markets we operate in.”

TP Vision will be responsible for the design, manufacturing, distribution, marketing and sales of Philips’ Television worldwide, with the exception of mainland China, India, United States, Canada, Mexico and certain countries in South America. As part of the transaction, the Philips Television innovation and manufacturing sites, commercial organizations, headquarters and employee base of close to 3,300 will transfer to TP Vision.

The key terms and conditions of the transaction are in line with the announcement made on November 1, 2011.

Philips Television has operated as a standalone business within Philips Consumer Lifestyle since January 1, 2012.

Share





 
 

 
 

No Romulans, just angry volunteers: One man’s journey to restore Star Trek’s … – Ars Technica

Star Trek may be the series that bred fandom as we know it, but even among the Trekkies, Huston Huddleston is standing out: he’s about to unveil the chair from where no one has gone before. Sort of. Huddleston is a work...
by Geek Staff
0

 
 
 

Star Wars Rebels: See a New Clip – IGN

The Star Wars Rebels panel today at WonderCon included the debut of a new clip – and the reveal that one more key player from Star Wars: The Clone Wars would be returning, in the form of composer Kevin Kiner. The panel consis...
by Brian Montgomery
0

 
 
 

Photos in Abu Dhabi believed to show set of new Star Wars film – South China Morning Post

At first glance, they appear to be nothing more than pictures of an unremarkable tent in the depths of the Arabian desert. But for the legions of Stars Wars fans, a set of grainy images could provide a seductive first insight i...
by Brian Montgomery
0