Philips to Sell China TV Business to TPV

Beijing Business Today, 7/27/10

July 26 reports said that Philips has signed a memorandum of intent for a partnership with Hong Kong-based display and TV vendor TPV Technology (0903.HK), in which the China Electronics Technology Group Corporation (CETC) holds a controlling stake. Philips will sell its China TV business, including IPR, human resources, sales networks, client resources, and storage facilities, to TPV. Philips will also grant TPV the exclusive right to use the 'Philips' brand for televisions in the China market for the next five years.

Spokespersons from TPV and Philips China said that neither company had an official statement on the deal at the moment, and declined to comment.

Keywords: television CETC Philips TPV 0903.HK TV set M&A

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