Philips to take restructuring charge of 40 million euros in TV business

DigiTimes: In order to improve its TV business, Philips plans to take a restructuring charge of 40 million euros in the third quarter of 2009, according to the company.

The company has been reorganizing its TV business over the last year, divesting itself from the North American market and seeing its TV related sales drop 54.57% on year to 587 million euros in the second quarter of 2009.

As part of its makeover in the display market, the branding licensing agreement between Philips and TPV for monitors came into effect on June 1, 2009.

Overall, Philips’ second quarter sales of 5.23 billion euros were down 19% on year. Net income totaled 45 million euro in the second quarter, down 93.88% from 735 million euros for the first quarter.

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