Koninklijke Philips N.V.
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Publicatie datum
08 apr 2008 - 17:35
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips takes decisive steps to improve profitability of its television business
Bericht
April 8, 2008
PHILIPS TAKES DECISIVE STEPS TO IMPROVE PROFITABILITY OF ITS TELEVISION BUSINESS
• Philips will enter into a brand license agreement to transfer its North American consumer TV activities to Funai
• Philips will continue to take steps to improve profitability of its TV operations by further optimizing its supply base
• Charges of up to EUR 125 million will be taken during 2008 in connection with the above
Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) and Funai Electric Co Ltd (TSE/OSE: 6839) of Japan today announced their intention to enter into a brand licensing agreement under which Funai will assume responsibility for the sourcing, distribution, marketing and sales of all Philips’ consumer television activities in the United States and Canada. The five-year minimum agreement takes effect September 1, 2008 and stipulates Philips will receive royalty payments in exchange for Funai’s right to exclusively use the Philips and Magnavox brand names for its consumer television offerings in North America during this period. This agreement secures continued presence of Philips and Magnavox branded TV’s in North America in a model that safeguards Philips profitability in this highly competitive market.
Philips today also announced that it will continue to take steps to improve the financial performance of its television operations by further optimizing its existing global supply base and focusing its TV business on its strongest markets, especially in Europe and in key emerging countries. To cover for the costs associated with these additional steps, and the costs associated with the transfer of the company’s North American TV activities to Funai, Philips will take total charges of up to EUR 125 million during 2008.
“The agreement with Funai and the other measures to improve profitability we are planning, follow our commitment that we would take decisive steps in addressing the unacceptable profitability levels in our TV busi
Datum laatste update: 21 februari 2026