Philips is a Dutch manufacturing company with over 122,000 employees in over 60 countries. Philips is going to be exiting the consumer electronics market to focus specifically on medical equipment and lighting.
Philips sold their consumer electronics business to Japanese company Funai Electric Co. for $201 million.
“Our consumer lifestyle business was margin dilutive to the group, so it was time to decide to move away from consumer electronics,? stated Philips CEO Frans van Houten in an interview with WSJ. “Since we have online entertainment, people do not buy Blu-ray and DVD players anymore.”
Philips reported a Q4 2012 net loss of ?358 million compared to a ?162 million loss in the Q4 2011. The company is expecting a slow start to sales this year.