TP Vision, the joint venture between Philips Electronics (who owns 30 percent) and TPV Technology Limited (who owns 70 percent) has been completed. TP Vision will develop, manufacture and market Philips-branded TV sets. So, the Philips brand is back, again, in consumer TVs.

With the company less than two weeks old, Maarten de Vries, CEO, showed up at the IFA Global Press Conference to expain more about the new venture. He said TP Vision handles the design, manufacturing, distribution, marketing and sales of Philips TV worldwide, with some exceptions. As part of the transaction, the Philips Television innovation and manufacturing sites, commercial organizations, headquarters and employee base of close to 3300 will transfer to TP Vision.

De Vries says TP Vision will concentrate Philips product differentiation on three areas: smart TV, user experience anddesign. And on the pro side, Philips maintains an interest in hospitality TV as a core business.