Philips agrees sale of TV division to TPV Technology
Dutch electronic and medical equipment giant Philips said Tuesday it had reached a deal to sell its television division to Hong Kong-based TPV Technology, only weeks after saying negotiations were doomed.
In the complex deal, Philips and TPV Technology, which specialises in LCD screens and monitors, will enter a joint venture with Philips holding a 30-percent stake.
The Dutch giant said the transaction would be finalised by early 2012 once authorities had approved the deal and that the final sale price would be based on average earnings over three years.
Philips, which employs 120,000 people, was centred for decades on making televisions and electrical devices for the home.
About 10 years ago it began developing a medical equipment division, providing such material as scanners and lighting systems.
© 2011 AFP