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Philips officially sells its TV division to Hong Kong-based TPV

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Philips has officially transferred a 70 percent stake in its TV business to Hong Kong-based TPV, which will take over manufacturing Philips-branded televisions.

A year after Philips announced that it would be selling a majority stake in its HDTV division to Hong Kong's TPV, the company has officially transferred its 3,300 television employees to TPV. Philips will maintain a 30 percent stake in the business, giving TPV 70 percent. TPV, for its part, will continue to produce Philips-branded sets, starting with the range of smart TVs that's planned for release in the next few months.

In a conference call, TPV said it was looking to be one of the "top three player in the markets we play in." That's a long way for Philips-branded TVs to go in a market that's increasingly dominated by Samsung. Larger TV manufacturers like Sony and Panasonic have been struggling recently, and TPV hasn't described how it plans to turn Philips' brand around. Philips, meanwhile, says this deal will allow it to focus more on its "Healthcare, Consumer Lifestyle, and Lighting sectors."