January 29, 2013

Electronics Giant Exits Industry

Robert Van den Oever, The Source

AP Photo

Philips Electronics PHIA.AE +2.26% has drawn a line under its long history as a consumer-electronics company after failing to compete successfully with the likes ofApple Inc. AAPL +1.94% Samsung Electronics Co. 005930.SE +2.70% and SonyCorp. 6758.TO -1.56% in the fast-moving industry.

Philips said Tuesday it has sold the remnants of its once-core business to Japan’sFunai Electric Co. 6839.OK -1.41% as the Dutch group reported a steeper net loss in the fourth quarter, weighed down by a restructuring charge and a fine for price fixing.

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