Philips announced back in April 2011 that they had sold their TV business to Hong Kong-based TPV Technology. As of today TPV controls the Philips TV brand.
TPV / Philips deal final
Philips TV division has been a loss-making activity for years, and last year Philips announced that TPV will control the Philips TV brand in the future. Today the deal has been finalized.
One of the new 2012 Philips TVs
TPV will be responsible for design, manufacturing, distribution, marketing and sales of Philips-branded TVs. The new joint venture company will be called TP Vision and Philips will own a 30 % stake (for the sake of royalties) but the parent company, Royal Philips, is now officially out of the TV business.
- “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” said TP Vision CEO, Maarten de Vries.
All of the 3300 employees from Philips will be transferred to TP Vision. The 2012 Philips line-up has already been announced but in the long run we are sure that Hong Kong-based TPV has a few changes planned. Learn more about the TPV / Philips deal here.