Philips is going to sell its audio and video arm to Japan's Funai Electric which will let them to exit from consumer electronic's hence you will not be able to see Philips audio and video products(music system and TV) now. Company officials said in a press release that they will now focus more on there profitable business of healthcare & home appliances.
Philips(The Dutch Company) has been the no. 1 consumer electronics once, but after the lower cost North Korean brands of LG Electronics & Samsung entered into the market The Dutch company was not able Sustain long and had to cut costs and sell assets over the past 2 years. Philips official said that with more customers going online for music, films and games rather than buying CDs and DVDs players, Philips decided to go out of home entertainment business, though it was profitable last year.
They said that this re-positioning of Philips was the need of the hour and hence they will focus more on home appliances and healthcare products such as shavers ,electric toothbrushes - two of company's most profitable business products as well as juicers,coffee makers etc. It sold 10 million shavers alone in China last year.
Besides this Philips is also the largest light and hospital equipment maker.
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