According to the company, Funai has agreed to pay 150 million euros (202 million dollars) for the Entertainment Consumer Lifestyle division. Funai will also allow the Philips brand for a period of five years and a half.
Philips Consumer Lifestyle Culture division is composed of a wide range of consumer products, including the speakers origin of the company, DVD player and headphones. Although these products are still available with the brand Philips, Funai will develop them.According Philips CEO Frans van Houten, the movement is designed to refocus the operation of Philips about his health division. He also reassured customers about consumer-oriented society of the future.
"I am confident that today's agreement with Funai, our partner for more than 25 years, will create a bright future for Philips Audio, Video and Entertainment, and the continuity of our customers," he said.
Philips expects the transaction to close in the second half of 2013.
