IT News Thread, Philips exits the consumer electronics business, will focus on medical and lighting in Other News; Not surprising to be honest.
Source : The Verge
Philips exits the consumer electronics business, will focus on medical and ...
29th January 2013, 09:40 PM #1
Philips exits the consumer electronics business, will focus on medical and lighting
Not surprising to be honest.
Source: The Verge
Philips exits the consumer electronics business, will focus on medical and lighting products
Philips is exiting the consumer electronics industry — according to The Wall Street Journal, the company has announced the sale of its audio, video, multimedia, and accessories divisions to Japanese company Funai for just over $200 million in cash as well as a brand license fee. While Philips was once seen as an innovator, and helped create the DVD and Blu-ray standards, the company has since proven incapable of transitioning to the world of internet media to compete with the likes of Samsung, Apple, LG, and Sony. Even Philips' CEO admitted as much: "Since we have online entertainment, people do not buy Blu-ray and DVD players anymore," Chief Executive Frans van Houten told the WSJ.
While the company has already sold off its consumer electronics business to Funai, it doesn't mean the Philips brand will disappear overnight — the BBC reports that the transfer of Philips' video business won't take place until 2017. As for what's next for Philips, the company will continue to focus on its medical business as well as its burgeoning LED lighting and control systems, the latter of which has given Philips a few less conventional consumer-facing products.
30th January 2013, 09:03 AM #2
I'm astonished it took this long, they ceased being able to produce quality goods almost a decade ago. My previous landline phone, DVD player, and stereo were Philips, and each one turned out to be awful and broke down quickly, all having since been replaced.
We still have a Philips fax machine in the office and it is a terrible piece of kit (though to be fair, the same is true of almost all fax machines).
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