Philips sold their money-losing consumer electronics division to Funai Electric of Japan for $200 million. Citing a decline in the sales of DVD and Blu-ray players, Philips will now focus on lighting products and medical equipment. Philips cites the rising popularity of downloadable and streaming content as reasons for the sale.
Funai Electric manufactures and sells TVs, DVD and Blu-ray players under the Magnavox, Philips and Emerson brands and is the #3 manufacturer in the North American TV market in terms of total units sold. Funai has licensed the Philips name through December 2015. As a result, the Philips brand is not going to disappear as a result of the sale - at least not immediately.
Edited by imagic - 2/6/13 at 6:19am
Funai Electric manufactures and sells TVs, DVD and Blu-ray players under the Magnavox, Philips and Emerson brands and is the #3 manufacturer in the North American TV market in terms of total units sold. Funai has licensed the Philips name through December 2015. As a result, the Philips brand is not going to disappear as a result of the sale - at least not immediately.
Quote:
"Philips said Tuesday it has sold the remnants of its once-core business to Japan’s Funai Electric Co..."
"Philips, which has become primarily a maker of medical equipment and lighting products, has sold the audio, video, multimedia and accessories activities to the Japanese consumer electronics company for the almost token sum of €150 million ($201.8 million) in cash and a brand-license fee."
http://blogs.wsj.com/source/2013/01/29/philips-exits-consumer-electronics/
"Philips, which has become primarily a maker of medical equipment and lighting products, has sold the audio, video, multimedia and accessories activities to the Japanese consumer electronics company for the almost token sum of €150 million ($201.8 million) in cash and a brand-license fee."
http://blogs.wsj.com/source/2013/01/29/philips-exits-consumer-electronics/
Edited by imagic - 2/6/13 at 6:19am
What a pos that was. The pq was actually pretty good, but It broke 3 times inside of 3 years (thank god it was the one time I decided to get a warranty) and buzzed like a bug zapper...Needless to say, despite the fact that I don't like the curent state of consumer electronics and its rapidly departing companies, I won't be losing any sleep over this particular loss.
