Dutch TV manufacturer, Philips is selling its remaining 30 per cent stake in its television joint-venture with TP Vision.
In addition to full control, venture partner TPV Technology will also get a one-time 50 million-euro (£41 million) payment, Amsterdam-based Philips said in a statement today.
The release of their joint venture will leave Philips to focus on the high-margin manufacturing of energy-saving lighting and its health and wellness portfolio.
Philips won’t completely withdraw from the TV market as TP Vision will pay Philips annual royalties of 2.2 percent of sales. The minimum annual royalty has been reduced to 40 million euro from 50 million euro. "This does more justice to the current conditions on the TV market" said Steve Klink, spokesman for Philips.
DTG Staff | 21.01.2014