Philips sells audio and video division and is out of consumer electronics
Philips just sold its audio, video, multimedia and accessories business to Funai Electronic (Japan) for € 150 million euros. This means you won’t find any CD and DVD players from Philips anymore. Philips wanted out of the audio and video business because consumers no longer buy CD’s and DVD’s, but prefer to download or increasingly stream content online.
The move comes after Philips had already set up a joint venture for its television business with TPV last year.
CEO Frans Van Houten told Reuters that this move completes the repositioning of Philips away from consumer electronics. From now on Philips’ consumer division will focus on appliances like coffee makers, toasters, shavers and juicers.
Powered by Facebook Comments