Thursday, September 18, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Dropbox, Google, Open Technology Fund, Security Researchers Announce Simply Secure
Apple And U2 To Develop New Digital Music Format
AT&T Launches High-speed U-verse Service for Businesses
AMD Moves Closer To The Introduction Of Project FreeSync Monitors
Ericsson to Shut Modem Business
VIA Launches ARTiGO A900 Android System For IoT and M2M Deployments
Amazon Purchases .buy Domain for 4.6 Million Dollars
Toshiba to Develop New Transistor Series Using Latest Process Technology
Active Discussions
Yamaha CRW-F1UX
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
 Home > News > Consumer Electronics > Philips...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, April 28, 2014
Philips to Sell WOOX Innovations to Gibson


Philips has signed an agreement regarding the sale of WOOX Innovations, its Audio, Video, Multimedia and Accessories business, to Gibson Brands, Inc.

Under the terms, Gibson Brands will pay $135 million and a brand license fee, relating to a license agreement for an initial period of 7 years. Philips expects the deal to close in the second half of 2014, subject to customary conditions, including regulatory filings and works council procedures.

Gibson Brands, based in Nashville, USA, has most recently invested in audio brands including Onkyo and TEAC as part of its ambition to become the global leader in music and sound. The latest transaction will leverage Gibson Brands' market presence in the U.S. and Japan, and WOOX Innovations' market strength with Philips-branded audio and home entertainment products in Europe, China, Latin America and other growth geographies.

"With this transaction, we are taking another important step in Philips' transformation to become a leading technology company in health and well-being," said Philips Chief Executive Officer Frans van Houten. "Philips and Gibson Brands have played significant roles in shaping the home entertainment and music industries and with this agreement the Philips brand will continue to be associated with innovative products in this space."

The Video business will stay with Philips until a transfer to Gibson Brands in 2017, related to existing intellectual property licensing arrangements.

WOOX Innovations, headquartered in Hong Kong with approximately 1,900 employees worldwide, is a global business driving the Philips brand in sound, home entertainment and related accessories.




Previous
Next
Samsung Begins Mass Production of Enterprise 3-bit NAND SSDs        All News        Samsung Launches "Level" Series of Mobile Audio Products
Pioneer Offers Accessories For DJs     Consumer Electronics News      Samsung Launches "Level" Series of Mobile Audio Products

Get RSS feed Easy Print E-Mail this Message

Related News
Philips Expands Its Series Of Ultra HD TVs Powered by Android
New Philips Hue Beyond Combines Functionality And Ambient Lighting for Home
Philips to Create New Lumileds and Automotive Lighting Businesses Company
Philips and Salesforce.com To Deliver Cloud-based Healthcare Information Technology
EU To Fine Philips, Infineon And Samsung
Philips Announces Its 2014 TV Lineup
MWC: Philips and Ericsson Unite On Smart Street Lighting
Philips Lighting System Guides You Through The Supermarket
Philips to transfer Remaining Stake in TV Joint Venture to TPV
Philips At CES 2014
Philips Celebrates 100 Years of Research
EU Raids Samung, Philips In Antitrust Probe

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .