Thursday, August 21, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Sony Offers New Smart Tennis Sensor
Microsoft to Announce Windows 9 on September Event: report
Acer Unveils New Chromebox CXI and Chromebook 11
Fraunhofer To Showcase The Future Of TV at IBC
Intel, Chunghwa Telecom Team up on Internet of Things
Sharp Launches 12-Mpixel CMOS Sensor for 4k Video
LG Delivers New Bluetooth Minibeam Projector, More L Series Smartphones
HP Reports Revenue Gain
Active Discussions
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
Video editing software.
 Home > News > Consumer Electronics > Philips...
Last 7 Days News : SU MO TU WE TH FR SA All News

Friday, October 25, 2013
Philips Will Not Transfer Its Audio, Video And Multimedia Business To Funai


Philips will terminate a $200 million sale and licensing deal with Funai Electric, following breach of contract by Funai.

Philips said it would take legal action to recover damages caused by Funai.

The Dutch company will investigate other opportunities for the Audio, Video, Multimedia and Accessories business, while continuing to run this business within Philips operating with a lower cost structure, as a standalone entity called WOOX Innovations.

"We regret that we have to take this action, but we do so to protect our business and the interests of all our stakeholders," said Philips Chief Executive Officer Frans van Houten. "Year to date, our carved-out Audio, Video, Multimedia, Accessories business shows a positive net income and has leading market positions in areas like home cinema sound, docking speakers and headphones. As WOOX Innovations, the business will continue to bring great new products to the market, while we investigate other opportunities to give this business a great future."

Philips had signed an agreement regarding the transfer of its Audio, Video, Multimedia and Accessories business to Funai on January 29, 2013. Under the agreement, Funai was to assume production of Philips' audio, video and media accessories unit and license the right to distribute them with Philips branding for five years. Since signing, Philips has been working to prepare the business for transfer in the second half of this year; this process has now been completed. However, Philips says that in the final preparation phase, Funai has refused to take the necessary steps to enable completion of the transaction and the transfer of the business. As a result, Philips will start arbitration proceedings in the International Court of Arbitration (ICC) and will terminate the agreement signed in January.

WOOX Innovations will be a standalone company within Philips. Headquartered in Hong Kong and with over 2,000 employees worldwide, WOOX is a business with EUR 1.2 billion in sales.

Philips says that the termination of the agreement with Funai Electric Co., Ltd does not impact Philips' existing agreements with Funai in North America and Mexico.




Previous
Next
HTC One Owners Get 50GB of Free Cloud Storage        All News        Samsung Reports Record Third-quarter
Spotify Now Available For Pioneer Home Electronics Products Through Firmware Update     Consumer Electronics News      Panasonic, Semiconductor Energy Laboratory And Philips Take Center Stage At FPD

Get RSS feed Easy Print E-Mail this Message

Related News
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 to Sell WOOX Innovations to Gibson
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
Funai Sues Philips For Breach of Contract

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 .