Consumer electronics group Philips is transferring its share of the US and Canadian tv market to the Japanese company Funai for at least five years.

Philips must take €125m worth of measures over 2008 if it is to improve the disappointing results in its tv business, which booked US sales of €1bn in 2007. In exchange for royalties, Funai will market its tvs under the brand names Philips and Magnavox.
The agreement does not affect the group’s other international activities in consumer electronics and medical equipment.