Royal Philips today announced that it has sold Consumer Lifestyle Entertainment to Funai Electric.
According to the company, Funai has agreed to pay 150 million euros ($ 202 million) for the Consumer Lifestyle Entertainment division. Funai will also license the Philips brand for a period of five-and-a-half years.
Philips’ Consumer Lifestyle Entertainment division is made up of a wide range of consumer products, including the company’s home speakers, DVD players, and headphones. Although those products will still be available with Philips branding, Funai will be developing them.
