Philips and TPV to create television JV

Frans van Houten, President and CEO of Royal Philips Electronics: "Finding a solution for our Television business was our top priority and we strongly believe that the intended 30% / 70% joint venture with TPV that was announced today will enable a return to profitability for the Television business, and an increased portfolio focus for Philips in health and well-being. Philips has been active in the TV industry for many decades and the long-term strategic partnership with TPV shows our commitment to the continuity of Philips televisions for our consumers and trade partners." CFO Ron Wirahadiraksa and CEO Frans van Houten / © Philips