Impact of Philips-TPV partnership on Hungarian unit still unclear

Initiatives

Dutch electronics maker Philips wound up talks on putting its loss-making television business into a joint venture with Hong Kong’s TPV group this week, but the impact of the decision on Philips’ plant in Székesfehérvár (NW Hungary) is still unclear, Philips communications director for Central and Eastern Europe Péter Blazsevácz told MTI on Friday.

Philips announced in April that it entered into a term sheet to transfer its television business into a JV with TPV Technology as part of a long-term strategic partnership. The new company will be 70% owned by TPV and 30% by Philips, Philips said.

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