No more DVD players or Hi-Fis from Philips any more ... that's so SAD! It's being sold to a Japanese firm, Funai.

"Dutch electronics giant Philips is to sell off its home entertainment business, including hi-fis and DVD players, to Japan's Funai Electric. Funai will pay 150m euros ($200m; £130m) and a regular brand licensing fee to take on the product lines.

The company wants to focus on its healthcare, light bulbs and home appliances businesses as part of its "Accelerate!" restructuring plan.

Philips also reported a 355m-euro loss for the last three months of 2012. The loss was in line with expectations and was largely due to a 509m-euro fine imposed on the company last year by the European Commission for participating in a cartel to fix prices in the television business.

Philips announced last year that it was transferring its loss-making television unit to a new joint venture arrangement with Hong Kong's TPV."

Source: BBC

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