Philips TVs could make a comeback in the Australian consumer market after Hong Kong based TPV Technology purchased the struggling business from Philips.The new company, TP Vision, is 70 percent owned by TPV and 30 percent by Philips, and is headquartered in Amsterdam, according to the companies.
Maarten de Vries, who was named the head of the venture, has directed the company to become a top three player in the Asia Pacific market which includes Australia and New Zealand.
“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,” said Philips CEO Frans Van Houten in a statement announcing the transfer.
“TP Vision will leverage the strength of the Philips brand, innovation power and trade relationships, with the additional scale and manufacturing strengths of TPV. The TV partnership with TPV enables Philips to focus on expanding market leadership positions across our healthcare, consumer lifestyle and lighting sectors.”
For several years Philips has struggled in the TV market. After poor sales in Australia the Company exited the consumer market despite having a superior product. Poor marketing was blamed at the time.
Philips took a $363 million charge in the fourth quarter as part of the separation from the television business.
TP Vision will be responsible for the design, manufacturing, distribution, marketing and sales of Philips Television into the Australian market with the company now looking for a distributor.