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The 3D-enabled Philips PFL6900 Smart TVs offer value-added services including catch-up TV, access to online video stores, web browsing, apps and USB recording. August 30, 2012. Courtesy of TP Vision

Amsterdam, the Netherlands – October 25, 2013

• Philips will take legal action to recover damages caused by breach of contract by Funai

• The Audio, Video, Multimedia and Accessories business will be held as standalone subsidiary within Philips, named WOOX Innovations

• Philips will now proceed to investigate other prospective buyers to give this business a great future

Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it will terminate the agreement with Funai Electric Co., Ltd (TSE/OSE 6839) for the transfer of its Audio, Video, Multimedia and Accessories business, following breach of contract by Funai.

TP Vision’s approach to green Philips TVs.
TP Vision is strongly committed to sustainability and resource efficiency.
The company’s goal is to offer products and services that do not trade off sustainability against viewing experience.
Therefore, TP Vision puts big efforts into continuously reducing the carbon footprint of its TVs.
August 30, 2012.
Courtesy of TP Vision

Philips will take legal action to recover damages caused by Funai.

Philips will proceed to investigate other opportunities for the Audio, Video, Multimedia and Accessories business, while continuing to run this business within Philips operating with a significantly lower cost structure, as a standalone entity called WOOX Innovations.

The 3D-enabled Philips PFL6900 Smart TVs offer value-added services including catch-up TV, access to online video stores, web browsing, apps and USB recording.
August 30, 2012.
Courtesy of TP Vision

“We regret that we have to take this action, but we do so to protect our business and the interests of all our stakeholders,” said Philips Chief Executive Officer Frans van Houten.
“Year to date, our carved-out Audio, Video, Multimedia, Accessories business shows a positive net income and has leading market positions in areas like home cinema sound, docking speakers and headphones. As WOOX Innovations, the business will continue to bring great new products to the market, while we investigate other opportunities to give this business a great future.”

TP Vision is a dedicated company in the world of visual digital entertainment; fully committed to the renowned Philips TV brand.
August 30, 2012.
Courtesy of TP Vision

Philips announced that it had signed an agreement regarding the transfer of its Audio, Video, Multimedia and Accessories business to Funai on January 29, 2013.

Philips CEO Frans van Houten comments on the Philips' agreement with Funai.
January 29, 2013.
Courtesy of Philips

Since signing, Philips has been working hard to prepare the business for transfer in the second half of this year; this process has now been completed.

Philips CEO Frans van Houten comments on the Philips' agreement with Funai.
January 29, 2013.
Courtesy of Philips

In the final preparation phase, Funai has refused to take the necessary steps to enable completion of the transaction and the transfer of the business.

Philips CEO Frans van Houten comments on the Philips' agreement with Funai.
January 29, 2013.
Courtesy of Philips

As a result, Philips will start arbitration proceedings in the International Court of Arbitration (ICC) and will terminate the agreement signed in January.

Philips Original Radio with Dock.
The Philips Original Radio combines retro design and advanced technology.
Courtesy of Philips

WOOX Innovations will be a standalone company within Philips, fully focused on delivering meaningful innovation in connected entertainment.

The latest introduction from Philips headphones - Philips Fidelio X1.
Courtesy of Philips

Headquartered in Hong Kong and with over 2,000 employees worldwide, WOOX is a business with EUR 1.2 billion in sales.

Fidelio Wireless Hi-Fi speakers.
Philips’ Fidelio Wireless Hi-Fi speakers are its flagship solution for high definition wireless music at home.
Courtesy of Philips

Today’s announcement does not impact Philips’ existing agreements with Funai in North America and Mexico.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting.

Headquartered in the Netherlands, Philips posted 2012 sales of EUR 24.8 billion and employs approximately 114,000 employees with sales and services in more than 100 countries.

The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare.

News from Philips is located at www.philips.com/newscenter

For further information, please contact:

Joost Akkermans
Philips Corporate Communications
Tel: +31 631758996
Email: joost.akkermans@philips.com

Steve Klink
Philips Corporate Communications
Tel: +31 61088 8824
Email: steve.klink@philips.com

Source: Royal Philips

http://www.newscenter.philips.com/main

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