Philips said it is transferring its TV business to a 30/70 joint venture with its partner, global monitor maker TPV and will have the option to sell its minority share in the future. No financial details were given.
The group, which is also world’s biggest lighting maker and top three hospital equipment maker, reported first-quarter net profit of 138 million euros, down 31 per cent from a year ago. Philips currently licenses its TVs to TPV in China as well as Funai in the US and Videocom in India.
(Published 18 April 2011, 15:25 IST)
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