Philips sells 70 percent of TV business to China's TPV
updated 12:25 pm EDT, Mon April 2, 2012
Philips, TPV Technology create TP Vision
Philips has sold off most of its TV business to Hong Kong-based TPV Technology. It will no longer manufacture the sets, but will retain 30 percent of the business. The joint venture will be called TP Vision, but the Philips name will continue to sit on the screens.
All marketing, development, and manufacturing will be done by TP Vision. The CEO of TP Vision said Philips' high level of quality will be retained.
Philips introduced a new range of smart TVs at this year's CES show. The newly formed company will continue to develop Philips' Ambilight and 21:9 aspect ratio technologies. Philips Television staff will move over to the new company.
Not involved in the deal is the design, manufacturing, distribution, marketing, or sales of the sets in China, India, United States, Canada, Mexico, and some countries in South America. [via Pocket-Lint]
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