A year after Philips announcement that they would be selling a majority chunk of its HDTV division to Hong Kong’s TPV, the company has officially transferred its 3,300 television employees to TPV. Philips has retained a 30% share in the business, the rest with TPV, who, for their part, will continue to produce Philips branded sets, starting with a range of smart TVs that’s schedules for release in the coming months.

In a conference call, TPV has said that it was looking to be one of the “top three player in the markets we play in.” Larger TV giants like Sony and Panasonic have been struggling in recent times, and TPV hasn’t elaborated on how it plans to run the Philips’ brand. In the meantime, Philips says this deal enables them to focus more on its “Healthcare, Consumer Lifestyle and Lighting sectors.”