Dutch electronics and medical equipment giant Philips said yesterday it had completed the spin-off of its television division to Hong Kong-based LCD screen and computer maker TPV Technology (冠捷).
Philips retains a 30 percent stake, while TPV Technology holds 70 percent in the joint venture, called TP Vision, which will design, manufacture and sell Philips brand TVs throughout most of the world.
“TP Vision will be a strong player in the global TV market and will ensure the continuity of the Philips TV brand in the market,” Philips chief executive officer Frans van Houten said in a statement.
The 3,000 employees and facilities in the Philips TV division will be transferred to TP Vision, which will be headquartered in the Netherlands.
TP Vision will not be able to sell Philips TVs in China, India and the US because the rights to the Philips brand have been sold to other manufacturers.
Philips’ TV unit posted a loss of 54 million euros (US$72 million) in the third quarter of last year amid intense competition from Asian manufacturers.
When announcing the spin-off deal in November last year, Philips said it would take a 270 million euro charge in its fourth quarter earnings in addition to about 110 million euros charged in previous quarters.
Philips, which employs 120,000 people, focused for decades on making televisions and household electrical devices.
About 10 years ago it began developing a medical equipment division, providing such devices as scanners and lighting systems.
The seizure of one of the largest known mercury shipments in history, moving from mines in Mexico to illegal Amazon gold mining zones, exposes the wide use of the toxic metal in the rainforest, according to authorities. Peru’s customs agency, SUNAT, found 4 tonnes of illegal mercury in Lima’s port district of Callao, according to a report by the non-profit Environmental Investigations Agency (EIA). “This SUNAT intervention has prevented this chemical from having a serious impact on people’s health and the environment, as can be seen in several areas of the country devastated by the illegal use of mercury and illicit activities,”
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Taiwan’s property transactions in the first half of this year fell 26.4 percent year-on-year to about 130,000 units, as credit controls and mortgage restrictions dampened demand, data from the Ministry of the Interior showed yesterday. Keelung saw the steepest decline, with transactions plummeting 45.6 percent to just 2,041 units — the lowest since the ministry began its survey in 2006. In contrast, Miaoli County was the only region to experience year-on-year growth, with transactions rising 2.4 percent to 3,229 units. Great Home Realty Co (大家房屋) attributed the increase in deals in Miaoli, particularly Jhunan (竹南) and Toufen (頭份) townships, to spillover demand
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