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Philips to sell mobile phone unit to China Electronics

Posted: 17 Oct 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Royal Philips Electronics? China Electronics? CEC? mobile phone? John Walko?

Royal Philips Electronics is set to sell the remainder of its mobile phone manufacturing operations to China Electronics Corp. (CEC), which will assume responsibility for Philips' remaining mobile phones business.

Philips' mobile phones business currently has an annual turnover of about $500 million and approximately 240 employees, mainly in Asia Pacific and Eastern Europe.

Terms of the deal were not revealed but the companies say it is expected to be completed by the end of the year, subject to the usual shareholder and government regulatory approvals.

Under the terms of the letter of intent signed by the companies on Oct.12, CEC, a Chinese consumer electronics and IT equipment conglomerate, will receive a global license to market and sell mobile phones under the Philips brand for the next five years.

Philips has been gradually winding down its mobile phones business over the past few years, but its semiconductors group, now NXP Semiconductors, continues to play a major player in chips for handsets.

- John Walko
EE Times Europe




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