Philips exits consumer electronics, sells business to Funai | iLounge News

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Philips exits consumer electronics, sells business to Funai

After over 80 years in the consumer electronics business, Philips announced Tuesday that it has sold the remainder of its consumer-focused electronics business to Japan’s Funai. Although Philips steadily reduced its involvement in consumer electronics, leaving its television and mobile phone divisions behind in recent years, the company suffered a fourth-quarter net loss of €358 Million (about $481 million).

Philips has had an interesting history with Apple. It originally sold products that challenged the iPod, including its GoGear series of media players. It then started to make iPod-friendly speaker systems, and later bought iPod/iPhone accessory maker DLO to become a major player in Apple accessories. The company developed quite a few distinctive speakers, eventually including some AirPlay models at widely varying price points, and continued to sell earphones and headphones. Funai will apparently continue to sell these products under its own brand.

Philips will now turn most of its attention to medical equipment, as healthcare sales made up 40 percent of the group’s revenue in the fourth quarter. Consumer lifestyle products accounted for 26 percent of the company’s fourth quarter revenue. [via Wall Street Journal]

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