Philips Sells Consumer Business to Funai for $202 Million
Royal Philips Electronics has signed a deal to sell its consumer-oriented lifestyle entertainment division to Funai Electric.
According to Philips' announcement today, Funai is paying 150 million euros ($202 million) for the division, which includes audio, visual, multimedia, and accessories. Funai will also license the Philips brand for five-and-a-half years.
Philips' lifestyle entertainment division is made up of a wide range of consumer products, including the company's home speakers, DVD players, and headphones. Although those products will still be available with Philips branding, Osaka, Japan-based Funai will be developing them.