Published On: April 26, 2011

Philips Getting Out of the TV Business

Published On: April 26, 2011
Last Updated on: October 31, 2020
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Philips Getting Out of the TV Business

TWICE has reported that Philips is selling off the greater portion of its European TV business to TPV, the Hong Kong-based manufacturer of televisions and PC computers. Philips has already closed down their Philips Pronto division.

Philips Getting Out of the TV Business

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philips_brand_page_logo.pngPhilips, after closing down Philips Pronto, is reportedly selling 70 percent of its European TV operations, according to TWICE. Philips will sell the operations to the Hong Kong-based TV and PC monitor manufacturer TPV. This is, as many of Philips recent actions have been, an attempt to curb profit declines.

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• Find the TWICE article on their website.

Philips plan outlines a joint venture between Philips and TPV in a 30/70 split. Philips will also retain the option to sell off the remaining 30 percent to TPV.

This is not the first time Philips has done something like this. Previously, Philips licensed the use of the Philips and Magnavox brands to the Japan-based Funai.

All 3,600 employees at the European TV business will transfer to the Hong Kong company.

Could this be the last gasp of Philips?

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