Philips has officially announced that it sold out its TV division to Hong Kong-based TPV, transferring its 3,300 television employees to TPV. Philips will maintain a 30 percent stake in the business, giving TPV 70 percent. TPV, for its part, will continue to produce Philips-branded sets, starting with the range of smart TVs that’s planned for release in the next few months.
“The TV industry is changing, and we came to conclusion that we need to team up with a partner,” Philips Chief Executive Officer Frans van Houten said on the call. “The joint venture does not mean the end of Philips TVs, but a great future.” Philips, based in Amsterdam, booked a 272 million-euro charge ($363 million) in the fourth quarter as part of the separation from the television business.