Royal Philips Electronics NV will cede control of its 80-year-old television unit to an Asian contract manufacturer, joining European conglomerates including Siemens AG scaling back consumer electronics as prices decline.
Philips will bundle its TVs, which the Amsterdam-based company first produced in 1928, into a partnership that will be 70 percent owned by Hong Kong-based TPV Technology Ltd., it said today. Philips will retain the rest and receive royalties of at least 50 million euros ($72 million) annually starting in 2013.
Philips sells TV unit to Hong Kong-based TPV
Posted on Monday, April 18 2011 @ 22:29 CEST by Thomas De Maesschalck