Philips Electronics and PV Technology Limited today announced that the transfer of certain activities within Philips' monitor and flat screen television business has become effective as of September 5, 2005. From this day TPV takes over the manufacturing of Philips' monitors and entry-level flat screen TV products, as well as the existing OEM monitor business.
On December 16, 2004, the parties initiated the transfer by a Letter of Intent. On June 16, 2005, the definitive agreement was signed.
With this announcement, Philips' OEM monitor business has been transferred to TPV, and from now on Philips will source from TPV branded monitors and entry level flat TVs. Philips will continue to focus on the marketing and sales of both PC monitors and flat TVs globally under the Philips brand and affiliated brands as well as on the development and manufacturing of Philips FlatTVs™ for the mid and high-end segments.
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