Philips continues in the television market thanks to a joint venture with TPV

Philips and TPV announce the start of the television joint venture called TP Vision aimed at joining forces in the global television market.

Royal Philips Electronics announced today that the operation to create a joint venture in the television business with TPV Technology Limited has been completed. The joint venture, which is called TP Vision, is 70% owned by TPV and 30% owned by Philips. TP Vision will develop, manufacture and market Philips brand televisions.

The finalization of the agreement comes after the necessary approvals from the competition court, governments and TPV shareholders. Amsterdam-based TP Vision will be led by Maarten de Vries. TP Vision will combine the design and innovation, heritage of Philips television, with scale manufacturing processes and excellence in POS operations.

The European Commission ruled at the end of February that the overlaps between the activities of the parties derived from this operation are limited and that the clients of the entity resulting from the concentration will continue to have access to a sufficient number of alternative suppliers in all markets.

Philips CEO Frans van Houten said: “TP Vision will be a strong player in the global television market and will ensure the continuity of Philips-branded televisions in the market. TP Vision will bring together the strengths of the Philips brand, the power of innovation and commercial relationships, with the strengths of TPV's large-scale production. “The partnership with TPV in the field of television allows Philips to focus on developing the market leadership position within the healthcare, consumer and lifestyle and lighting sectors.”

For his part, Jason Hsuan, President and CEO of TPV, was proud to “have Philips as a partner in this television joint venture. This partnership will increase the position of the Philips brand in the television market and offer substantial returns for both shareholders. Philips and TPV have been partners for many years and we are confident that together we can become the leading player in the global television market.”

TP Vision will be responsible for the design, production, distribution, marketing and commercialization of Philips televisions worldwide, with the exception of China, India, the United States, Canada, Mexico and certain countries in South America. As part of the transaction, 3,300 employees from the areas of innovation, production, commercial organizations and central services will be transferred to TP Vision.

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