Philips puts ailing TV arm into joint venture with TPV
Dutch consumer electronics giant Philips is putting its struggling television arm into a joint venture.
The division has been a long-term drag on the finances of Philips, which reported a 31% fall in first quarter profits to 138m euros ($198m; £122m).
China's TPV, which makes desktop and TV monitors, will take 70% of the joint venture with Philips owning the rest.
Nigel Cassidy reports.
18 Apr 2011
- From the section Business