Philips Completes TV Business Transfer Into Venture With TPV
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Royal Philips Electronics NV completed the transfer of its unprofitable television business into a joint venture with TPV Technology Ltd., offloading a business that weighed on earnings for years.
The business will be 70 percent owned by Hong Kong-based TPV and 30 percent by Philips, be called TP Vision, and will be headquartered in Amsterdam, according the companies. Maarten de Vries, who will lead the venture, aims to make TP Vision one of the “top three player in the markets we play in,” he said on a call with journalists today.