Philips stops manufacturing, developing and selling televisions. They had already sold a branch of this business to a Chinese partner firm, TPV, but retained a thirty percent share in the company.
Now, they are going to transfer the remaining 30 percent stake to TPV as well. The Chinese company will continue to use the name Philips on its TVs.
Philips suffered a big loss with the television division and are convinced they are better off if the Chinese take it over.