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© Philips Electronics Production | April 19, 2011

Philips and TPV to create television JV

On April 18, 2011, Philips announced an agreement to transfer its TV business into a joint venture with TPV as part of a long-term strategic partnership.
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

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