Philips and TPV Technology have today formally completed the creation of their new joint venture, TP Vision, that will develop, manufacture and market Philips-branded TV sets worldwide.
The joint venture is called TP Vision and is 70% owned by TPV (based in Hong Kong) and 30% by Philips. It will have its headquarters in Amsterdam and will be led by Maarten de Vries, with Graham Speake as UK managing director.
"TP Vision will be a strong player in the global TV market and will ensure the continuity of the Philips TV brand in the market," says Philips CEO Frans van Houten.
Speake adds: "Our new TV range features a wide range of screen sizes, great designs, and includes Ambilight and a broad range of Smart TV-enabled models."
TP Vision will be responsible for the design, manufacturing, distribution, marketing and sales of Philips TVs worldwide, except in mainland China, India, the United States, Canada, Mexico and certain countries in South America.
Founded in 1967, TPV Technology specialises in the design and production of monitors and LCD televisions.
As part of the deal, Philips television's innovation and manufacturing sites, commercial organisations, HQ and 3300 employees will transfer to the new joint-venture company.
The move to a joint venture came after mounting losses at Philips's TV division. Like many of the big TV manufacturers, Philips has struggled in a highly competitive market beset by sharp price erosion and escalating manufacturing costs.
We test the new Philips 46PFL9706 TV (above) in the May 2012 issue of What Hi-Fi? Sound and Vision, on sale April 5th.