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(Pocket-lint) - Philips Lifestyle has made its last TV. The company first dabbled in television technology with signal experiments in 1925, but after 87 years in the market, it has withdrawn from manufacturing TV sets.

Its name, however, will live on, with a television-making joint venture, called TP Vision, being formed with Hong Kong company TPV Technology. Philips will retain 30 per cent of the TV business, while TPV will hold 70 per cent.

New televisions created by the venture will be developed, manufactured and marketed by TP Vision, but will be badged Philips. This will ensure the Dutch company's TV heritage lives on - in name, at least.

The new CEO of TP Vision, Maarten de Vries, explained that the new company's TVs will uphold the traditions of the former Philips Television department. "TP Vision will continue to bring the high level of innovation consumers expect from a Philips TV," he said.

"Our recently launched 2012 series have everything to enjoy the world of digital content delivered via broadcasting and the Web. We believe in creating products that touch the human senses and are within reach of all consumers in the markets we operate in."

Pocket-lint has been told by a spokesperson that proprietary Philips TV technologies, such as Ambilight and 21:9 will switch to TP Vision, so we should see further developments in that field in the future. Additionally, Philips Television staff and operations will also transfer to the new company.

The deal does not involve the design, manufacture, distribution, marketing or sales of Philips’ televisions in China, India, United States, Canada, Mexico and certain countries in South America.

What do you think? A good idea for Philips? Let us know in the comments below...

Writing by Rik Henderson. Originally published on 16 April 2013.