• TP Vision and TPV Technology intend to bring together their businesses in Brazil and to realize further synergies with harmonizing their businesses.
• The merger will improve companies’ effectiveness, speed and manufacturing strength.
• A dedicated commercial team will continue to focus on selling Philips TVs while another dedicated team will sell Philips Monitors and AOC branded products.
Manaus, Brazil 4th June, 2013 – TP Vision, manufacturer of Philips TVs, and TPV Technology (HKSE: 903) today entered into an agreement to merge their businesses in Brazil into Envision, currently a subsidiary of TPV Technology. The companies will combine their manufacturing activities, both located in the city of Manaus, under one roof. The merger will involve transfer of assets and liabilities from TP Vision to Envision. The transaction is subject to the approval of CADE, the Brazilian antitrust authority. Upon completion, Envision will be 51% owned by TPV Technology and 49% by TP Vision. Within Envision, a dedicated commercial team will continue to sell Philips-branded TVs, and another dedicated commercial team will continue to sell Philips-branded monitors and AOC branded products.
The rationale behind this intended merger is to increase effectiveness in the area of manufacturing and to strengthen efficiency by bringing together related operations. TP Vision and TPV Technology plan to increase synergies by expanding their collaboration in Brazil, building on the companies’ longstanding business relations.
“The intended merger in Brazil follows the rationale behind the creation of the TP Vision joint venture,” said Maarten de Vries, CEO TP Vision. “In line with our global strategy we consistently pursue our goal to leverage the expertise and strengths of both companies to get the business with Philips TVs back to profitability and to ensure TP Vision’s competitiveness in the longer term.”
“The intended set up will provide not only synergies of operation; it allows us to share the same manufacturing space for both brands together and to join back office functions. The plan is to further align our businesses for the future as Brazil is a growing market. We see a lot of opportunities with the World Cup in 2014 and the Olympic games in 2016 where we want to use the strength of the combined companies,” says Shane Tyau, CFO of TPV Technology.
About TP Vision
TP Vision is a dedicated TV player in the world of visual digital entertainment. TP Vision concentrates on developing, manufacturing and marketing Philips branded TV sets in Europe, Russia, Middle East, Brazil, Argentina, Uruguay, Paraguay and selected countries in Asia-Pacific. We do this by combining our design expertise and innovative Philips TV heritage with the operational excellence, flexibility and speed of TPV Technology. With these combined strengths, we bring high-quality TV sets to the market: smart and easy to use with sophisticated styling accentuating i.e. new materials and slim design. We believe in creating products that offer a superior TV experience for consumers. With Philips TVs, TP Vision is a global leader in the hospitality market. Based in Amsterdam, the Netherlands, TP Vision is the exclusive brand licensee of Philips TV for the above listed countries. The TV Company is 70% owned by TPV Technology, headquartered in Taiwan, and 30% by Royal Philips, headquartered in the Netherlands. TP Vision employs close to 3,100 people in several locations around the globe.
About TPV Technology Limited
TPV Technology Limited is the world’s largest PC monitor and fourth largest LCD TV manufacturer. The Group has been able to drive its growth over the years by leveraging its economies of scale and core competencies in R&D (research and development), manufacturing, logistic efficiency and quality. The Group also distributes its products globally under its own brand AOC. In 2009 and 2011, the Group acquired exclusive licenses to sell Philips’ monitors globally and TVs in China. In April 2012, the Group formed a joint venture (“JV”), TP Vision, with Philips to take over the latter’s TV business. The JV engages in the design, manufacturing, distribution, marketing and sales of Philips’ television worldwide, with the exception of China, India, United States, Canada, Mexico, and certain countries in South America. The JV is 70% owned by TPV and 30% by Philips. TPV has been listed on both Hong Kong and Singapore stock exchanges since October 1999.
In Brazil, TPV is present since 1997 and has factories in Manaus/AM and Jundiaí/SP with the corporate name of Envision Industry of Electronic Products Ltd., which produces monitors, professional monitors, TVs, All In One computers and tablets, under AOC brand or under OEM (original equipment manufacturer) system, for major brands operating locally and internationally.
Media contact TP Vision Brazil:
Tel: + 55 11 9 9506-8194
Media contact TP Vision :
Tel: + 31 611798744
Media contact Envision Brazil:
Christian Kellner Haak
Tel: + 55 11 9 8327-0352
Media contact for TPV Technology
Tel: +852 2865 4272