Philips to sell off part of its business

The electronic manufacturer Philips is making changes to its home entertainment business and selling this business to Funai Electric in Japan. Philips has said that it wants to move further forward in the home appliance and healthcare sectors and will focus on this going forward. The transfer will happen over the next few years, with the transfer of the video part of the business not finalising until 2017. Philips had recently suffered a large drop in profits as a result of a fine following its attempt to fix prices in the television business. Despite this €509m fine and the overall loss of €355m the business is looking profitable as removing the fine and other internal restructuring costs, the business exceeded expectations and improved by €875m. The Chief executive Frans van Houten has said that despite this more positive news the business is suffering from the current economic market as the US and Europe market account for more than half of Philips business. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.  Setfords Solicitors are a national full service law firm, with business law solicitors in St Albans  and across the country.