The Channel logo

News

By | Jan Libbenga 8th July 2008 11:40

Philips turned off by monitor business

TPV Tech takes over

Royal Philips Electronics will transfer its entire monitor and IT displays business to Hong Kong-based company TPV Technology Limited.

TPV will assume responsibility for sourcing, distribution, marketing and sales of all Philips’ IT Displays activities worldwide and can exclusively use the Philips brand name, in exchange for revenue-based royalty payments.

Philips IT Displays sales amounted to approximately €600m in 2007.

The Dutch electronics group says the agreement with TPV is part of decisive steps to improve the profitability of its television business, which sank deeper into the red recently. The company wants to fundamentally reposition itself in the digital display business and will book approximately €66m in charges in Q2 of 2008 related to these efforts.

Since 1999 TPV has emerged as the largest monitor maker in the world, with a strong position in the People's Republic of China (PRC) market. Last month, TPV Technology Group said it intends to hire up to 1800 people in Poland for its LCD factory and create a technology park for material and components suppliers.

The Philips deal is expected to be completed before the end of the year, subject to regulatory approvals. ®

comment icon Read 3 comments on this article alert Send corrections

Opinion

Neil McAllister

Claims that cloud will drive Oracle's future growth ring hollow
Pure Storage array

Neil McAllister

How the cloud taught Redmond to play by a new set of rules

Features

Pebble Steel
Meet the man who accidentally created the smartwatch hype
No, silly... he was the fall guy for years of Finnish folly
Fraud image