The completion of the agreement comes after the necessary merger clearance, governmental and TPV shareholder approvals were obtained. TP Vision, with headquarters in Amsterdam, will be led by Mr. Maarten de Vries. TP Vision will combine the design expertise and innovative Philips TV heritage with the manufacturing scale, and operational excellence, of TPV.

“TP Vision will be a strong player in the global TV market and will ensure the continuity of the Philips TV brand in the markets,” says Philips chief executive officer Frans van Houten.

“TP Vision will leverage the strength of the Philips brand, innovation power and trade relationships, with the additional scale and manufacturing strengths of TPV. The TV partnership with TPV enables Philips to focus on expanding market leadership positions across our healthcare, consumer lifestyle and lighting sectors.”

“We are glad to have Philips as a partner in this television joint venture,” says TPV chairman and chief executive officer Jason Hsuan.

“This partnership will enhance Philips’ brand position in the TV space and bring sustainable returns to both shareholders. Philips and TPV have been partners for many years and we are confident that together we can become a major player in television globally.”

“TP Vision is here to stay and grow profitably,’’ says TP Vision chief executive officer Maarten de Vries.

“TP Vision will continue to bring the high level of innovation consumers expect from a Philips TV. Our recently launched 2012 series have everything to enjoy the world of digital content delivered via broadcasting and the Web. We believe in creating products that touch the human senses and are within reach of all consumers in the markets we operate in.”

TP Vision will be responsible for the design, manufacturing, distribution, marketing and sales of Philips’ Television worldwide, with the exception of mainland China, India, United States, Canada, Mexico and certain countries in South America. As part of the transaction, the Philips Television innovation and manufacturing sites, commercial organisations, headquarters and employee base of close to 3,300 will transfer to TP Vision.