Koninklijke Philips N.V.
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Publicatie datum
01 nov 2011 - 13:00
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips and TPV sign agreement on Television joint venture
Bericht
Amsterdam, the Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that it has signed the agreement to transfer its Television business into a joint venture with TPV Technology Limited (0903.HK). The new company will be 70% owned by TPV and 30% by Philips. The initial term sheet was announced earlier this year, on April 18.
Closing of the deal, which is expected at the end of the first quarter of 2012, will take place after necessary merger clearance, governmental and TPV shareholder approvals are obtained. As a result of this transaction, Philips will report a pre-tax negative deal result in the fourth quarter of approximately EUR 270 million in addition to approximately EUR 110 million that was already charged in previous quarters. This result includes separation costs of approximately EUR 100 million.
“I am pleased that we have now signed the Television joint venture agreement with TPV. This agreement is important for both Philips and TPV and provides clarity to our consumers, trade partners and employees,” said Philips Chief Executive Officer Frans van Houten. “This joint venture leverages the strengths of both companies to improve the position of Philips Television in the market. It enables Philips to focus on expanding market leadership positions across our Healthcare, Consumer Lifestyle and Lighting sectors.”
“This partnership is an important step in realizing our growth ambitions in the TV space,” said TPV Chairman and Chief Executive Officer Jason Hsuan. “The joint venture is an extension of our ongoing relationship with Philips for many years and we are confident that together we can become a major player in Television globally.”
Datum laatste update: 21 december 2025