Funai Returns as Buyer of Philips Home Entertainment Assets
The Japanese technology firm is paying $201M for Philips unit, five years after it picked up DVD operations
Japanese technology firm Funai Electric Co. Ltd. agreed to buy the remaining interests in Royal Philips Electronics’ (NYSE: PHG, AEX: PHIA) home entertainment business for $201 million.
Philips, which had already sold its North American TV and DVD operations to the Osaka, Japan-based buyer in 2008, is divesting the rest of its lifestyle entertainment division, which includes global disc players and its Fidelio high-end audio business.
The sale is part of Philips’ plan to focus more technology in other sectors, namely health and well-being.
Philips is headquartered in Amsterdam while the lifestyle entertainment unit is located in Hong Kong.
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