Royal Philips Electronics NV will cede control of its 80 year-old television unit to an Asian contract manufacturer, joining European conglomerates including Siemens AG to scale back consumer electronics as prices decline.
Philips will bundle its TVs, which the Amsterdam-based company first produced in 1928, into a partnership that will be 70 percent owned by Hong-Kong-based TPV Technology Ltd., it said today. Philips will retain the rest and will receive royalty payments of at least 50 million euros ($72 million) annually from 2013 onwards.
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