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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Texas seeks more help as wildfires burn Austin homes 12:57am EDT Death toll at 43 as tornadoes and storms rake South | 1:31am EDT Palin returns with feisty, anti-establishment speech 16 Apr 2011 Congress will raise debt limit: Geithner 17 Apr 2011 Analysis: Google's Page and Wall Street: Who needs who? 17 Apr 2011 Discussed 83 Obama to lay out deficit plan with focus on tax, spending 82 White House warns on debt limit, says Obama regrets vote 74 UPDATE 1-Geithner says Congress will pass debt limit increase Watched Cupless bra combats cleavage crinkle Fri, Apr 15 2011 South Korean "super gun" packs hi-tech killing power Mon, Feb 14 2011 Deadly tornadoes pound southern U.S. Sun, Apr 17 2011 Philips divests TV ops as quarterly net profit disappoints Tweet Share this AMSTERDAM (Reuters) - Dutch consumer electronics giant Philips Electronics on Monday said it would divest its struggling television business as first-quarter net profit came in below expectations. Philips is transferring its TV business to a joint... Email Print Related News French and Benelux stocks-Factors to watch on April 18 2:09am EDT PREVIEW-Philips Q1 profit seen hit by TV woes Sun, Apr 17 2011 CORRECTED-UPDATE 6-Hasbro profit falls as it invests more in TV Fri, Apr 15 2011 UPDATE 9-BofA profit drops as foreclosure delays hurt bank Fri, Apr 15 2011 Best Buy to shrink big boxes; concerns linger Thu, Apr 14 2011 Analysis & Opinion What is tax deductible for small business? Common budget mistakes for tech startups Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » Stocks AMSTERDAM | Mon Apr 18, 2011 2:51am EDT AMSTERDAM (Reuters) - Dutch consumer electronics giant Philips Electronics on Monday said it would divest its struggling television business as first-quarter net profit came in below expectations. Philips is transferring its TV business to a joint venture with its partner, global monitor maker TPV. "Finding a solution for our television business was our top priority and we strongly believe that the intended 30 percent-70 percent joint venture with TPV that was announced today will enable a return to profitability for the television business, and an increased portfolio focus for Philips in health and well- being," said chief executive Frans van Houten in a statement. Van Houten, a restructuring expert, took over as chief executive on April 1. Philips said TPV will purchase 70 percent of the shares in the joint venture for a deferred purchase price, equating to four times the joint venture's EBIT over the years 2012 until the year Philips exercises its right to receive the purchase price. Philips also has an option to sell the remaining 30 percent stake to TPV for the same terms after six years. Once a global leader, Philips TV business has lost its luster and cannot compete with lower-cost rivals. The unit, which makes up less than 10 percent of group sales, has become a thorn in the firm's side, having notched up losses of almost a billion euros since the beginning of 2007. Philips currently licenses its TVs to TPV in China as well as Funai in the United States and Videocom in India. Philips announced first-quarter net profit of 138 million euros, down 31 percent from a year ago and below forecasts. A Reuters poll had forecast quarterly net profit to fall 19.5 percent to 161 million euros. Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer. It competes with General Electric and Siemens in the hospital and lighting markets, and with Samsung and LG Electronics, among others in the TV business. (Reporting by Roberta B. Cowan; Editing by Sara Webb) Technology Deals Global Deals Data 2011 Q1 Inflows Outflows Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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