Philips Looking to Buy TCL
Philips is looking to purchase the Chinese electronics group TCL Multimedia Technology, a subsidiary of rival of TCL Corp., according to a story over the weekend by the news service China Business Daily. it was not reported when the deal may go through.
The two companies have long worked together on televisions and cell phones, and a former executive with Philips, Leong Yue Wing, is now TCL Multimedia’s CEO. Philips currently owns a 6.3 percent stake in TCL Corp., making it TCL’s second-largest shareholder.
TCL stands for “Today China Lion,” which translates roughly as “China’s Modern Lion.”