Amsterdam,
the Netherlands – Royal Philips Electronics today announced that the
transaction to create a Television joint venture with TPV Technology Limited
has been completed. The joint venture will be called TP Vision and will be 70%
owned by TPV and 30% by Philips. TP Vision will develop, manufacture and market
Philips branded TV sets.
The
completion of the agreement comes after the necessary merger clearance,
governmental and TPV shareholder approvals were obtained. TP Vision, with
headquarters in Amsterdam, will be led by Mr. Maarten de Vries. TP Vision will
combine the design expertise and innovative Philips TV heritage with the
manufacturing scale, and operational excellence, of TPV.
"TP
Vision will be a strong player in the global TV market and will ensure the
continuity of the Philips TV brand in the markets,” said Philips Chief
Executive Officer Frans van Houten. “TP Vision will leverage the strength of
the Philips brand, innovation power and trade relationships, with the
additional scale and manufacturing strengths of TPV. The TV partnership with
TPV enables Philips to focus on expanding market leadership positions across
our Healthcare, Consumer Lifestyle and Lighting sectors."
"We
are glad to have Philips as a partner in this Television joint venture,” said
TPV Chairman and Chief Executive Officer Jason Hsuan. "This partnership
will enhance Philips’ brand position in the TV space and bring sustainable
returns to both shareholders. Philips and TPV have been partners for many years
and we are confident that together we can become a major player in Television
globally."
"TP
Vision is here to stay and grow profitably,’’ said TP Vision Chief Executive
Officer Maarten de Vries. “TP Vision will continue to bring the high level of
innovation consumers expect from a Philips TV.
Our
recently launched 2012 series have everything to enjoy the world of digital
content delivered via broadcasting and the Web. We believe in creating products
that touch the human senses and are within reach of all consumers in the
markets we operate in."
TP
Vision will be responsible for the design, manufacturing, distribution,
marketing and sales of Philips’ Television worldwide, with the exception of
mainland China, India, United States, Canada, Mexico and certain countries in
South America. As part of the transaction, the Philips Television innovation
and manufacturing sites, commercial organizations, headquarters and employee
base of close to 3,300 will transfer to TP Vision.
The
key terms and conditions of the transaction are in line with the announcement
made on November 1, 2011. Philips Television has operated as a standalone
business within Philips Consumer Lifestyle since January 1, 2012.
Source
hardwarezone
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