• Selected functions will move to TP Vision Bangalore, India and to TPV, Taipei, Taiwan
• The scope of TP Vision’s set-up in Belgium needs to be adjusted to improve effectiveness, speed and innovation strength
• TP Vision continues to focus on high-end concept-, advanced- and set development in Ghent, Belgium

Amsterdam, 27th February, 2014 – Today, TP Vision announced further cost saving measures in order to become profitable in the TV business. In line with the strategy announced in 2012the company intends to move the remaining software product development in Europe to Bangalore, India, during 2014. In line with these plans selected functions in the area of purchasing, supplier quality and industrialization are expected to move to TPV to fully tap into the synergy potential with TPV.

The logic behind this intention is to ensure competitiveness, cost-efficiency through operational effectiveness in the area of innovation. The improved set up will help TP Vision to compete in the challenging and highly competitive TV market. These plans are expected to result in around 90 redundancies in Belgium. In accordance with local legal requirements, information and consultation of employee representatives have started.

The Innovation Site Europe will continue to focus on concept development, advanced development as well as set development for the high-end range. The inauguration of the Ghent Innovation site is expected to take place mid-2014. The new building in the science park at Ghent University, which is currently under construction, will host approximately 250 employees.

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 2,000 people in several locations around the globe.

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