Philips to spin off TV arm

TV manufacturer Philips is spinning off its loss-making TV arm into a new venture with Taiwan-based TPV Technology.

Under the deal, Philips will retain a 30% stake in the TV business, although it will have the option to sell this stake after six years.

The move follows disappointing first quarter results for the Dutch consumer electronics giant, with a profit of €138 million on revenues of €5.3 billion.