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Philips terminates agreement to transfer Audio, Video, Multimedia and Accessories business to Funai following breach of contract 2013.10.27

Amsterdam, the Netherlands - October 25, 2013 - 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. 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
 

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  



ASTROMAN Magazine - 2013.10.06

Philips collaborates with Accenture to create first proof of concept for delivering vital patient data via Google Glass

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1565  


ASTROMAN Magazine - 2013.09.08

Philips presents latest 'digital' consumer innovations at IFA in Berlin

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1551  


ASTROMAN Magazine - 2013.09.01

Philips showcases innovations in cardiology at European Society of Cardiology Congress 2013

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1542  


ASTROMAN Magazine – 2012.09.01

TP Vision unveils a new series of frameless Philips Smart TVs

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1304  


ASTROMAN Magazine – 2012.06.08

GE Healthcare and Philips Healthcare Commend FCC Rule for Wireless Medical Sensor Technologies

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1253  


ASTROMAN Magazine – 2012.05.13

Empire State Building Redefines New York City Skyline With Philips LED Lighting

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1238


ASTROMAN Magazine – 2012.04.14

Dolby and Philips Unveil 3D HD Format Capable of Bringing Full HD 3D to Glasses-Free 3D Devices

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1219  


ASTROMAN Magazine – 2012.03.18

Philips and the World Association of Sleep Medicine join together to raise global awareness of the importance of sleep

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1206  


ASTROMAN Magazine – 2012.02.12

Philips and Catharina Hospital collaborate to highlight innovation in heart rhythm disorder treatment

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1176  


ASTROMAN Magazine – 2011.12.26

Philips and VU University Medical Center Amsterdam sign agreement for PET/MR scanner

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1131  


ASTROMAN Magazine – 2011.12.14

Philips lights up Zurich's Hardbrücke, Switzerland's largest LED project

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1120  


ASTROMAN Magazine – 2011.05.01

Philips awards EUR125,000 to help make cities more livable

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=962  


ASTROMAN Magazine – 2011.02.23

Philips and Microsoft Collaborate to Streamline Radiology Workflow and Processes

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=902  



ASTROMAN magazine


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