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.
Follows Sony and others in lowering sales forecast
LG has cut its 2011 sales target for TVs by 20 percent, from 40 million to 32 million units. The South Korean electronics giant follows rival Sony, Samsung, and Panasonic in lowering its expectations for the year. The weaker sales are primarily the result of the struggling economies in the US and Europe.