Philips Offloads TV Division To TPV Tech
Three years ago, LG.Philips LCD was renamed to LG Display due to Philips' reduced equity stakes in the display coalition with LG Electronics. It appears history might repeat itself once again with Philips relinquishing its TV division to China-based TPV Technology Limited. The Asian manufacturer will command 80 percent of the joint venture, whereas Philips will retain only 30 percent of the stakes as well as royalties starting from 2013.
Whathifi.com - Falling profits have forced Philips to move its television production into a joint venture with a Chinese company. Under the deal, the Dutch company will effectively give up control of TV manufacturing, having a stake in the new joint venture of just 30%.
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