Philips Exits Consumer Electronics
Philips Electronics has drawn a line under its long history as a consumer-electronics company after failing to compete successfully with the likes of Apple Inc., Samsung Electronics Co. and Sony Corp. in the fast-moving industry.
Philips said Tuesday it has sold the remnants of its once-core business to Japan’s Funai Electric Co. as the Dutch group reported a steeper net loss in the fourth quarter, weighed down by a restructuring charge and a fine for price fixing.
