AMSTERDAM (AP) — Dutch technology company Philips says it
has struck a deal with music company Gibson Brands of the U.S. to sell
its audiovisual equipment business for $135 million.
Philips is
still locked in arbitration with Japan’s Funai after a similar deal to
sell the same businesses for $200 million fell apart last year, but said
that won’t affect the new agreement.
The companies said the deal
makes sense as Gibson is big in Japan and the U.S., while Philips is
strong in Europe, China and Latin America.
The audiovisual
equipment business employs some 1,900 people and makes home audio
systems, headphones, speakers, portable audio and video players, media
players, telephones and more.
It turned a marginal $4.1 million (3 million euro) profit in 2013, on sales of $1.3 billion.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
AMSTERDAM (AP) — Dutch technology company Philips says it
has struck a deal with music company Gibson Brands of the U.S. to sell
its audiovisual equipment business for $135 million.
Philips is
still locked in arbitration with Japan’s Funai after a similar deal to
sell the same businesses for $200 million fell apart last year, but said
that won’t affect the new agreement.
The companies said the deal
makes sense as Gibson is big in Japan and the U.S., while Philips is
strong in Europe, China and Latin America.
The audiovisual
equipment business employs some 1,900 people and makes home audio
systems, headphones, speakers, portable audio and video players, media
players, telephones and more.
It turned a marginal $4.1 million (3 million euro) profit in 2013, on sales of $1.3 billion.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.