exits
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Philips transfers TV business to a joint venture with TPV Technology, TPV takes the controlling stake
It took almost exactly a year, but Philips is finally free of its pesky, money-losing TV problem. As planned, the company transferred its television business into a joint venture with Hong Kong-based TPV Technology called TP Vision -- an arrangement that endows TPV with a controlling 70 percent stake. (Philips will still receive royalties on top of whatever it earns through this venture, and plans to sell Philips-branded sets in the US through a separate partnership with Funai.) Though the deal was first detailed a year ago, Philips only announced today that the transaction had closed. Now that it has, the newly formed company will produce Philips-branded TVs in a bid to make it one of the "top three players," according to TP Vision chief Maarten de Vries. As you'd expect, all of the 3,300 employees that previously fell under Philips' television division will now be in the employ of TP Vision, and Philips' various manufacturing sites have been transferred over too. All of that and a healthy dose of rah-rah in the full PR below.
Michelin's ViaMichelin to exit the PND market
French paper La Tribune is reporting that Michelin subsidiary ViaMichelin will stop producing personal navigation devices, after capturing only 14% of its domestic market in the face of stiff competition from Dutch rival TomTom and others. Sixty of the firm's 170 employees will reportedly be laid off as a result of the shuttering, although warranties will apparently still be honored for products already on the market. [Warning: subscription link][Via Bikes in the Fast Lane]
Thomson leaves consumer electronics altogether
It's a sad day indeed for Thomson fanboys worldwide, as the storied French corporation has announced plans to exit the consumer electronics industry altogether in an effort to refocus its resources on B2B digital video services. Following completion of the sale of its remaining non-European AV businesses to Audiovox on December 31st (which, as you'll recall, already bought the RCA brand and accessories division), Thomson will no longer have a presence on domestic or foreign retail shelves, and will also be short €30 million ($42.5 million) as a result of yesterday's announcement to shutter its AVA Europe operations. So here's to you, Thomson: we can't honestly say that we ever got into any of your various products, but as with any other departing member of our loving CE family, you'll be missed.Update: After speaking with a Thomson rep, it seems inaccurate to state that the company is getting out of consumer electronics altogether, when in fact they do continue to sell home telephones. Therefore, please note that this is just an exit from the company's various A / V businesses.[Via generationmp3]
