Philips to get rid of TV production.

Netherlands, Philips will get rid of divisions to produce television sets. According to Bloomberg, the company will sell 70 percent of the Chinese contract manufacturer division TPV Technology. The transaction amount is not called.

 Philips will leave his 30 percent share units, and will receive royalties for the use of its brand on TVs produced by TPV. The annual contributions will amount to at least 50 million euros, and get them a Dutch company starts from 2013.

 Decision to sell the business to produce a new TV was made general manager Frans van Hautenom (Frans van Houten), took office April 1, 2011. Houten said that examined various options for the development of this division, but eventually decided to sell it.

 In the first quarter of this division Royal Philips Electronics has brought losses to 87 million euro, which negatively affected the overall financial situation of the company. Previously, Philips had already sold the TPV unit for producing computer monitors. In 2004, the Chinese company paid him more than $ 350 million.