Your browser is not Javascript enable or you have turn it off. We recommend you to activate for better security reason<div class="billede"><img src="pictures/mini-philipslogo.jpg" alt="Philips Funai deal foiled"></div>Philips' sale of AV division foiled, sues Funai - FlatpanelsHD Philips Funai deal foiledPhilips' sale of AV division foiled, sues Funai">

Philips Funai deal foiled
Philips' sale of AV division foiled, sues Funai

25 Oct 2013 | Rasmus Larsen |

After Philips sold the TV division to TPV Technology, they sold the remnants of the AV division, such as Blu-ray, sound systems and accessories, to Japanese Funai for 150 million Euro. But the deal has been foiled. Philips will take legal action against Funai.

Philips' sale of AV division foiled

Philips wanted to focus on healthcare, lighting and consumer appliances, so they decided to sell all other division. They initially sold the TV division to TPV Technology from Hong Kong, and afterwards sold the AV division (Blu-rays, sound systems and accessories) to Funai.

”Philips
Philips will continue to produce Blu-ray players and sound systems after the deal with Funai has fallen through


However, the deal has fallen through. According to Philips, Funai has refused to fulfill its part of the contract by “refusing to take the necessary steps to enable completion of the transaction and the transfer of the business”. Philips will take legal action to recover damages, they say. Funai has not yet commented on the matter, and it remains unclear why they have decided to pull out of the deal.

The issues will not affect Philips’ sale of the TV division to TPV technology, and will not affect the current deal with Funai that allows them to sell TVs under the Philips’ brand in North America. Philips will regain control of the AV division and rename it to WOOX Innovations. WOOX will be headquartered in Hong Kong with 2000 employees, with an annual turnover of 1.2 billion Euros.

Philips will continue to investigate other potential buyers.



Latest news

Panasonic 2020 TV

Panasonic 2020 LCD TVs now available

02 Jun 2020 | Rasmus Larsen |
OLED

LG Display starts OLED TV panel production at new China factory

01 Jun 2020 | Rasmus Larsen |
LG Gallery OLED TV

LG 'Gallery' & 'Wallpaper' 2020 OLED TVs now available

29 May 2020 | Rasmus Larsen |
Tidal Dolby Atmos TV

Tidal debuts Dolby Atmos music support for Apple TV 4K, Android TV, FireTV

29 May 2020 | Rasmus Larsen |
Philips Hue Sync box

Philips Hue box gains support for Dolby Vision, HDR10+

29 May 2020 | Rasmus Larsen |
B&O 8K OLED TV

Bang & Olufsen debuts Beovision Harmony 88", its first 8K OLED TV

28 May 2020 | Rasmus Larsen |
Twitch LG TV

Twitch app arrives on LG TVs

28 May 2020 | Rasmus Larsen |
YouTube Kids Apple TV

YouTube Kids app debuts on Apple TV

28 May 2020 | Rasmus Larsen |