Philips sells off loss making TV business

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We told you a couple of months ago that TV prices have been falling for a while now, and this could have something to do with the news that Philips had sold its loss making TV business.

An article over at What Hi-Fi Sound and Vision is reporting the company has moved its TV production into a joint venture with a Chinese company due to falling profits. The deal see’s the Dutch company give up most of the control of its TV business retaining only thirty percent.

Also See: Reducing Philips 4K TV sizes for 2014

Philips along with other TV manufacturers have struggled making any money on TVs, and sees this as a way of solving the problem. This was one of the top priorities for the company’s new President and CEO, Frans van Houten.

The tie-up with China based TPV Technology is similar to what it did a couple of years ago, after it licensed a Japanese company to make Philips TVs for the US. Back in 2005 TPV bought part of Philips flat screen and monitor business.

TPV have said it has now emerged as the biggest monitor maker in the world, and commands a “strong foot hold in the People’s Republic of China market.” Would you still consider a Philips TV following this news?