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.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS