Philips Electronics today announced that the transaction to create a Television joint venture with TPV Technology Limited has been completed. The joint venture will be called TP Vision and will be 70 percent owned by TPV and 30 percent by Philips. TP Vision will develop, manufacture and market Philips branded TV sets. So, Philips is back, again, in consumer TVs.

TP Vision will be responsible for the design, manufacturing, distribution, marketing and sales of Philips’ Television worldwide, with the exception of mainland China, India, United States, Canada, Mexico and certain countries in South America. As part of the transaction, the Philips Television innovation and manufacturing sites, commercial organizations, headquarters and employee base of close to 3,300 will transfer to TP Vision.

The key terms and conditions of the transaction are in line with the announcement made on Nov. 1, 2011, which can be viewed online via the following link http://www.newscenter.philips.com/main/standard/news/press/2011/20111101_tpv_signing.wpd

Philips Television has operated as a standalone business within Philips Consumer Lifestyle since Jan. 1, 2012.