• TP Vision takes actions to realize further synergies with TPV Technology in order to reduce cost
• Plans will lead to a stop of TP Vision’s manufacturing site in Székesfehérvár, Hungary by end of 2013 and will affect approximately 370 employees at the site.
• The Székesfehérvár distribution centre will continue its operations

Amsterdam, The Netherlands 28th May, 2013 – TP Vision today informed its employees that the company will concentrate its manufacturing activities in Europe at the manufacturing site of TPV Technology, located in Gorzow, Poland. TPV Technology is the 70% shareholder of TP Vision. As a consequence the company will stop its manufacturing activities in Székesfehérvár, Hungary, by end of 2013.

With this action TP Vision is changing its industrial setup, in line with its ambition of achieving profitable growth. Leveraging synergies with TPV by rationalizing the industrial footprint of both companies will lead to a significant and necessary cost reduction. The decision is a logical consequence of TP Vision’s strategy to return to profitability through economies of scale.

“The industrial set up change 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 our business with Philips TVs back to profitability and to ensure TP Vision’s competitiveness in the longer term.”

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. Website: http://www.tpvision.com

Media contact TP Vision :
Eva Heller

Tel: + 31 611798744

E-mail: eva.heller@www.tpvision.com