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Philips Finance Chief Says Market Conditions Will Not Impact Joint Venture

Philips Finance Chief Says Market Conditions Will Not Impact Joint Venture

The chief financial officer of Royal Philips Electronics said during a recent conference call with analysts that he does not expect the volatile condition of the global television market to have an effect on the company's planned television joint venture.

According to Dow Jones Newswires, the company announced in November that it had agreed to a deal with Hong Kong-based TPV Technology to establish a joint venture for its struggling television operations. While the agreement was originally announced in April, the global TV market has reportedly held it up.

Still, CFO Ron Wirahadiraksa maintained that the struggling TV market would not be enough to squash the deal, the news source reported. The company has said it anticipates the transactions will be finalized during the first quarter of next year.

While the company may be facing difficult market conditions for its television venture, Philips recently won approval in the U.S. to sell a combination scanner that performs PET and magnetic resonance imaging, Bloomberg reports.

According to the news source, the approval from the U.S. Food and Drug Administration will pave the way for a multi-million dollar development period over a number of years. 

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