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Australian Distributors Powermove and Brisbane based Crest are set to hold onto the rights to distribute Philips branded consumer electronics products after the Netherlands based Company decided to sell the brand to Japanese Company Funai Electric in a $202 Million dollar deal.The Japanese Company has been granted a brand license deal for five and a half years, with an optional renewal of five years. Philips said they will continue to make small home appliances.
For nearly a decade Philips has struggled to grow their consumer electronics business. In 2012 the Company exited the TV business after cutting a similar deal with Hong Kong-based TP Vision (TPV) that saw TPV take 70 percent of the Philips TV division along with responsibility for all manufacturing operations.
Last night Funai president and CEO, Tomonori Hayashi, said global distribution arrangements for Philips consumer electronics products spanning speakers, Blu-ray players and headphones would “not be changed”.
The deal for the audio, multimedia and accessories businesses is expected to close in the second half of 2013.
The video business will transfer to Funai in 2017, based on existing intellectual property licensing arrangements.
“Change is good and this is truly an exciting time for us at Funai,” Hayashi said.
“We will benefit from Philips legendary know-how and innovation as well as the talent they have in place around the world allowing us to work as a team to leverage and grow the Philips brand” he added.
Funai is a global entertainment company with annual sales of more than $4.5 billion.
Philips audio, video, multimedia and accessories make up the lifestyle entertainment business group within Philips Consumer Lifestyle.
Philips has struggled in recent years to compete with Asia competitors in the audio/video entertainment electronics business. It licensed off the brand and distribution rights for TV and video products to Funai in September 2008, and followed with similar deals with other partners for other parts of the world. Instead, Philips has focused on its healthcare, consumer lifestyle and lighting products.
Recently Philips reported a fourth quarter net loss of $477 million.
