Philips Lifestyle will no longer make televisions, an announcement from the Dutch electronics giant has today revealed. After 87 years of dipping in and out of the TV market, the company are finally calling it a day, handing over duties to Hong Kong-based-company TPV Technology.
A joint venture between the two companies (which sees Philips retain 30% of its TV business) they have formed TP Vision. Though the sets made under the TP Vision banner will be manufactured by TPV Technology, they will in fact retain Philips branding.
"TP Vision will continue to bring the high level of innovation consumers expect from a Philips TV," said new CEO of TP Vision, Maarten de Vries.
"Our recently launched 2012 series have everything to enjoy the world of digital content delivered via broadcasting and the Web. We believe in creating products that touch the human senses and are within reach of all consumers in the markets we operate in."
Proprietary Philips technologies including Ambilight and their impressive 21:9 offerings will also make the jump over to TP Vision, as well as Philips TV staff.
The deal however does not cover the design, manufacturing, distribution, marketing or sales of Philips' televisions in China, United States, Canada, Mexico, India and select South American territories.