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May 23, 2018

Philips and TPV to enter global brand license agreement for audio and video products and accessories

Amsterdam, the NetherlandsRoyal Philips (NYSE: PHG, AEX: PHIA) today announced that it has signed a binding letter of intent with TPV Technology Limited (stock code: 903) pursuant to which Philips will grant TPV an exclusive license agreement to use the Philips brand for sales, marketing and distribution of audio and video products and accessories worldwide. 

 

The brand license agreement is to commence on June 1, 2018 for a period until December 31, 2023, and may be renewed automatically, subject to the terms of the agreement. The financial details were not disclosed.

 

Until recently, Gibson Innovations was responsible for sales, marketing and distribution of Philips-branded audio and video products and accessories worldwide. Since its parent company Gibson Brands filed for Chapter 11 in the US on May 1, 2018, and its affiliates subsequently took similar steps in other countries, Philips explored several scenarios regarding the continuity of Philips-branded audio and video products and accessories.

 

TPV has been a trusted partner of Philips for more than a decade. The brand license agreement for audio and video products and accessories will complement TPV’s existing brand license agreements with Philips, for example for TVs and monitors.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2017 sales of EUR 17.8 billion and employs approximately 74,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

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Forward-looking statements

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

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Steve Klink

Steve Klink

Philips Group Press Office

Tel: +31 6 10888824

Ksenija Gonciarenko

Ksenija Gonciarenko

Philips Investor Relations

Tel: +31 20 59 77055

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