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According to overseas reports, electronics giant Royal Philips Electronics will transfer its entire monitor and IT displays business to Hong Kong-based TPV Technology.
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TPV will assume responsibility for sourcing, distribution, marketing and sales of all Philips’ IT Displays activities worldwide and can exclusively use the Philips brand name, in exchange for revenue-based royalty payments, the reports note.
Philips IT Displays sales amounted to approximately $AUD 106 million in 2007 and says it remains ahead-of-schedule in its plan to reshape its TV business.
The Dutch electronics group says the agreement with TPV is part of “decisive steps to improve the profitability of its television business, which sank deeper into the red recently”.
Since 1999 TPV has emerged as the largest monitor maker in the world, with a strong position in the People’s Republic of China (PRC) market.
TPV Technology, which claims to be the world’s largest PC monitor manufacturer, recently announced the building an LCD display manufacturing plant in Poland, creating about 1800 jobs.
