Koninklijke Philips N.V.
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Publicatie datum
04 sep 2008 - 07:59
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips agrees to transfer TV assembly facility located in Juarez, Mexico to Elcoteq
Bericht
PHILIPS AGREES TO TRANSFER TV ASSEMBLY FACILITY LOCATED IN JUAREZ, MEXICO TO ELCOTEQ
• Another decisive step to improve profitability of the TV operations through ongoing business and supply chain optimization efforts
• Brand licensing agreement with Funai for Philips’ consumer TV activities in the U.S. and Canada implemented as of August 15, 2008
Amsterdam, the Netherlands – Royal Philips Electronics (NYSE: PHG, AEX: PHI) today announced that it has agreed to transfer its TV assembly facility located in Juarez, Mexico, to Elcoteq SE (OMX: ELQAV), a leading electronics manufacturing services company domiciled in Luxembourg. This transfer marks another step taken by Philips to improve the financial performance of its TV business through the optimization of its global supply base.
Under the terms of the agreement, approximately 740 employees working for the assembly facility, which makes flat screen TVs for the North and Central American markets, will transfer to Elcoteq. The financial results related to this transaction are not material to Philips. No further financial details of this agreement were disclosed.
Philips also informed that, as of August 15, 2008, it had successfully implemented the brand licensing agreement, under which sourcing, distribution, marketing and sales of all Philips’ consumer TV activities in the United States and Canada are being outsourced to Funai Electric Co Ltd (TSE/OSE: 6839). Consequently, Philips has commenced deconsolidating the involved business as per the same date.
The agreement with Funai, which was announced on April 8, 2008, stipulates that Philips receives royalty payments in exchange for Funai’s right to exclusively use the Philips and Magnavox brand names for its consumer TV offerings in North America for a minimum five-year period with options for further extension. This agreement has secured the continued presence of Philips and Magnavox branded TVs in North America in a business model that safeguards Philips’ prof
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