, 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.Additional Resources
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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?