Philips may have been a household TV name in the 90s and 2000s, and its 21:9 cinema screens recently made some noise in the UK, but now Philips is out; it’s handing over the reins to Hong Kong-based TPV Technology for Philips TVs in name-only.
Philips TVs will be marketed by a new company called TP Vision. The Dutch electronics giant will retain a 30 per cent stake in the new joint venture, but won’t actually make or sell the TVs themselves. According to the CEO of Philips Frans van Houten, the move will allow Philips to concentrate on other sectors, which certainly sounds like the Dutch are basically quitting the TV market.
“The TV partnership with TPV enables Philips to focus on expanding market leadership positions across our Healthcare, Consumer Lifestyle and Lighting sectors.”
The deal covers the global market except for China, India, the United States, Canada, Mexico and certain parts of South America. Philips staff, technology and manufacturing plants will shift over to TP Vision to “continue to bring the high level of innovation consumers expect from a Philips TV”.
It’s a sad day for me at least; I remember we used to have many an ancient Philips tube-TV when I was a kid, but then I haven’t graced a Philips TV with cash since things turned LCD and plasma. That 21:9 Cinema screen was properly lust-worthy though. [Philips]
Update: Philips has contacted us to clarify that it will still be involved in TP Vision for at least the next six years. It'll also earn royalties on top of its 30 per cent share of the profits, and it'll still have a major influence on the running of TP Vision, which will produce Philips TVs going forward (read: Ambilight and the 21:9 sets aren't going anywhere).