Dutch electronics and medical equipment giant Philips said Monday it had completed the spin-off of its television division to Hong Kong-based LCD screen and computer maker TPV Technology.
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 televisions 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 markets," Philips chief executive officer Frans van Houten said in a statement.
The 3,000 employees and facilities in the Philips TV division will be transfered to TP Vision, which will be headquartered in the Netherlands.
"This partnership will enhance Philips' brand position in the TV space and bring sustainable returns to both shareholders," TPV chairman and chief executive officer Jason Hsuan was quoted as saying.
TP Vision won't be able to sell Philips televisions in such major countries such as mainland China, India, or the United States as the rights to use the Philips brand has been sold to other manufacturers.