Philips sells audio, video assets to Japan’s Funai ElectricJanuary 29, 2013 - 18:52 AMT PanARMENIAN.Net - Philips has bowed out of the audio and video markets, selling its assets to Japanese company Funai Electric. The Dutch firm is focusing on healthcare products and home appliances after receiving £130 million for its entertainment businesses, Digital Spy reported citing Reuters. Philips is in the midst of extensive restructuring after recording losses of more than £300 million during the last three months of 2012. The company's audio division will be absorbed by Funai by the end of the year, while its video business will not change hands until 2017. Hong Kong company TPV acquired the manufacturer's cash-haemorrhaging television arm in March last year. "With consumers going online for music, films and games rather than buying CDs and DVDs, Philips decided to get out of home entertainment even though it was profitable last year," Philips chief executive Frans van Houten said. The company will focus on producing shavers, toasters, coffee makers, light bulbs and other home items as part of its restructuring plan. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |