Philips loss widens in Q4; sheds division

January 29, 2013   New Gadgets   No comments

Exterior view of the headquarters of Philips in Amsterdam, Netherlands, Tuesday Jan. 29, 2013. Royal Philips Electronics NV Tuesday said it will sell the entertainment division which contains many of the consumer products for which it is best known, such as audio and video equipment, to Funai Electric Co., Ltd., of Japan for Euros 150 million (USD 202 million) plus licensing fees. Funai will assume responsibility for the manufacturing of the Philips products but license and sell them under the Philips brand for five years. It has an option to renew. (AP Photo/Peter Dejong)AMSTERDAM (AP) — Royal Philips Electronics NV Tuesday said it will sell the entertainment division which contains many of the consumer products for which it is best known, such as audio and video equipment, to Funai Electric Co., Ltd., of Japan for €150 million ($202 million) plus licensing fees.

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Philips loss widens in Q4; sheds division

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