Royal Philips is transferring its remaining 30% stake in television joint-venture TP Vision to TPV technology, a fully-owned subsidiary of TPV Technology, to concentrate on its Healthcare, Consumer Lifestyle, and Lighting sectors.

Philips has officially ceased production of HDTVs. Instead, a joint venture (TP Vision) has been formed with Hong Kong-based TPV Technology Limited where the latter will develop, manufacture, and market television sets carrying the Philips' moniker henceforth.