Philips outsources monitors business to TPV
Dutch Philips Electronics said it has entered into a deal to outsource its PC monitors business to TPV Technology to boost profitability at its loss-making TV unit.
Philips said in a statement on Tuesday, Hong Kong-listed PC monitor maker TPV will make and market all its IT Displays activities worldwide under a brand licensing deal, adding to a deal announced in April to transfer its North American television business to Japan's Funai Electric.
The Amsterdam-based company, whose TV operations have been making a loss due to tough competition from rivals such as Taiwanese Amtran's Vizio brand, said it would take charges of about €66m (£53m) in the second quarter of 2008 relating to its TV business.
In April, it said it would take charges of €125m this year due to the Funai deal.