Philips sells last part of its audio – video business

EINDHOVEN – Philips has ofloaded another business segment belongig to consumer electronics. The lifestyle entertainment business has been sold to Funai Electronic.

The customers will not notice the difference as Funai will continue to use the Philips logo on the DVD players and audio equipment. Production and distribution will be completely outsourced to the Japanese.For many years Philips was well known for its TVs and CD players, however the profit margins have been dwindling for years.  That is one of the reasons that Philips has been focusing on personal grooming and household appliances. In addition, LED lighting is an important growth market for Philips.

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