News Summary: Philips to sell division, loss grows
Posted at: 01/29/2013 10:07 PM
The Associated Press
POWER SWITCH: Electronics maker Royal Philips Electronics NV is selling the division that contains many of its well-known consumer products, such as audio and video equipment, to Japan’s Funai Electric Co. for about $202 million, plus licensing fees.
SEEING THE LIGHT: Philips still makes household products like coffee machines and electric toothbrushes, but it is gradually shifting away from consumer electronics manufacturing. Its cutting-edge technologies are mostly concentrated in lighting and health care equipment.
BIGGER LOSS: A big fine from European regulators dragged on its fourth-quarter results, and Philips’ loss widened from the year before.
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