Bloomberg reports Philips will sell its 80 year-old TV business to Hong Kong-based TPV Technology-- marking an end to Europe's last mass-market TV producer.
The announcement comes at Philips' earnings call, where it reveals its losing €87m from TVs in Q1 2011.
The decision of sale is the first from the company's new CEO, Frans van Houten, who started off his job at the beginning of this month.
The company's net income this quarter amounts to €137m-- down from Q1 2010's €200m. Philips consumer division has an operating profit for Q1 2011 of €104m (down from Q1 2010's €162m).
Is Philips stripping off from its consumer division load? That's what the writing on the wall says-- the company plans to focus on its more profitable lighting and medical products, while pushing its offerings to fast-growing markets like India and Brazil.
