Philips to Stop Manufacturing TVs for U.S; Hands Over Operations to Funai

Date: 04-10-2008

Royal Philips Electronics, the Dutch consumer giant, has said that it will no longer manufacture televisions for the U.S and Canadian markets. Philips brand TVs will henceforth be made and sold by Funai Electric under a five-year licensing agreement. With prices falling drastically for flat-panel liquid crystal display (LCD) television sets, Philips was in a no-win situation if it had continued nurturing its brand. Philips’ chief executive, Gerard Kleisterlee, said the steps were intended to address “the unacceptable profitability levels in our TV business in 2008.” The move “allows the Philips brand to be very evident in the North American market and de-risks the profit potential,” said Paul J. Zeven, the North American chief executive of Philips. “Margins here are razor-thin; this is a win-win situation.” Philips will be collecting royalties for Funai’s right to exclusively use the Philips and Magnavox brands.

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