Philips abandons its heartland in consumer electronics market
Tuesday 29 January 2013
Philips Electronics, once one of the world's biggest manufacturers of TV sets, has sold its audio and video business in a symbolic move as it completes the withdrawal from its former heartland of consumer home entertainment.
Frans van Houten, chief executive, said the €150m (£130m) sale to Japan's Funai Electric was "an important step in transforming Philips into the leading technology company in health and well being". Funai Electric will pay a licence fee to keep the brand.
Philips had spun off its troubled TV business last year. It has sold other businesses such as its TV set-top box operation to Pace in 2008. The Dutch group has been struggling to compete with Asian rivals such as Samsung and Sony, which have been more competitive in terms of both price and innovation. It has also suffered a long line of glitches, from the Video 2000, its attempt to update the VHS video, to the Laser disc, phased out by the start of the last decade with rise of DVDs.
Mr Van Houten wants to focus on profitable areas such as basic household appliances, healthcare and lighting. Philips slumped to a €350m loss for the last quarter.
- 1 A daily walk 'can add seven years to your life'
- 2 The nine most warmongering countries in the world revealed
- 3 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 4 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
- 5 News agency criticised for describing Amal Clooney as 'actor's wife' in coverage of human rights trial
Bank Holiday Monday opening times: Are Tesco, Asda and other supermarkets open today?
Rules on 5p plastic bags likely to lead to arguments at the check-out
The nine most warmongering countries in the world revealed
VMAs 2015: Kanye West runs for president, Nicki Minaj calls out Miley Cyrus and the list of winners in full
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...