TPV Technology will soon become the world's largest manufacturer of PC monitors, after acquiring some of the flat screen TV and monitor businesses of Koninklijke Philips Electronics NV.
Philips will hand over businesses which last year had revenue of $US2 billion. About $US1.04 billion of that came from sales of Philips-branded monitors and flat-screen TVs, the rest from sales of monitors manufactured for other brands. In return, it will receive 15 per cent of the shares in the newly-enlarged TPV, and convertible bonds worth an equivalent amount.
The two companies signed a letter of intent to make the deal on December 16 and announced the definitive agreement last week.
The deal will make TPV the world's largest manufacturer of PC monitors, producing more than 35 million monitors a year, the companies said.