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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read IRS offers tips to avoid mistakes on deadline day 9:43am EDT Palin returns with feisty, anti-establishment speech 16 Apr 2011 U.S. credit outlook cut by S&P on deficit concerns 11:27am EDT Citi profit falls 32 percent as bond trading weakens 11:33am EDT Philips CEO turns off TV in search of profit 9:43am EDT Discussed 83 Obama to lay out deficit plan with focus on tax, spending 82 White House warns on debt limit, says Obama regrets vote 82 Palin returns with feisty, anti-establishment speech 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 CEO turns off TV in search of profit Tweet Share this By Roberta B. Cowan AMSTERDAM (Reuters) - Philips is hiving off its once leading television business, the first step by new chief executive Frans van Houten to boost flagging profit at Europe's biggest consumer electronics maker. Philips is moving... 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 Workers put up a sign at the Philips Electronics booth before the Consumer Electronics Show (CES) at the Las Vegas Convention Center in this January 3, 2008 file photo. Philips is hiving off its once leading television business, the first step by new chief executive Frans van Houten to boost flagging profit at Europe's biggest consumer electronics maker. Philips is moving its loss-making TV business to a 30/70 joint venture with Hong-Kong based monitor maker TPV and has the option to sell out. The Dutch group has struggled to compete against players like Samsung and LG Electronics. Van Houten, a restructuring expert who took over as CEO this month, said on April 18, 2011 he is assessing the profitability of Philips' 400 or so business areas, a hint that further divestments could be on the cards. Credit: Reuters/Las Vegas Sun/Steve Marcus/Files ( By Roberta B. Cowan AMSTERDAM | Mon Apr 18, 2011 9:43am EDT AMSTERDAM (Reuters) - Philips is hiving off its once leading television business, the first step by new chief executive Frans van Houten to boost flagging profit at Europe's biggest consumer electronics maker. Philips is moving its loss-making TV business to a 30/70 joint venture with Hong-Kong based monitor maker TPV and has the option to sell out. The Dutch group has struggled to compete with lower-cost Asian rivals Samsung and LG Electronics. Van Houten, a restructuring expert who took over as CEO this month, said he was assessing the profitability of Philips's 400 or so business areas and "taking the blanket off" its laggards, a hint that further sales could be on the cards. "We are not yet firing on all cylinders ... There's much unlocked potential in Philips," Van Houten told Reuters Insider. Philips shares opened lower on the news, but rebounded soon after. By 1410 GMT they were down 1 percent, while the Amsterdam market was down 1.7 percent. Trading in TPV's shares was halted at the request of the company earlier on Monday. Van Houten said he would present a new strategic plan in the second half of the year. Three weeks into his new job, he has scrapped his predecessor's target for an annual revenue increase of 2 percentage points above global gross domestic product growth between 2011 and 2015, citing the TV divestment and the impact of Japan's massive quake, which has disrupted the supply chain for both the health and lighting businesses. Philips did not give a value for the TV deal, saying it would receive a deferred payment from TVP. It said all 3,600 employees at the TV business would transfer to the Hong Kong company, and job cuts could not be ruled out. TPV, which controls about 33 percent of the global computer monitor market, posted a near 20 percent rise in 2010 profit. "It's a major positive," ING analyst Sjoerd Ummels said of the deal. "It's clear (Van Houten) will address laggard businesses." These could include the audiovisual and multimedia business, which Philips said would be merged into its lifestyle entertainment unit in Hong Kong. Van Houten said even acquisitions from the past decade would be scrutinized -- including home healthcare firm Respironics and lighting fixtures group Genlyte, which have not yet shown sufficient synergies. Philips is the world's biggest lighting maker and a top three hospital equipment maker. LEADER TO LAGGARD The company showed its first television to the Dutch public in 1928 -- a bulky, box-like contraption that was a far cry from its current sleek, flatscreen models. 1 2 Next 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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