Royal Philips Electronic (PHG) agrees to sell its home audio and video business to Funai...

|By:, SA News Editor

Royal Philips Electronic (PHG) agrees to sell its home audio and video business to Funai Electric of Japan for €150M ($201.5) and a brand licensing fee as the consumer electronics pioneer continues a shift into more profitable industrial products. The move sheds a big part of Philips’ history, which includes helping invent the compact disc and the DVD.