Philips seeks new buyer for its audio and video division

Philips canceled the sale of its audio and video division to Japan’s Funai Eletric due to a breach of contract and seeking a new buyer.

The episode is a setback for the company’s plan, which wants to focus on the most profitable areas: home appliances and health.

The manufacturer, which announced the sale for 150 million euros (US $ 207 million) in January, said it would take legal action against Funai to recover the losses.

With information from Reuters.

Video audio acquisition Philips

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