Philips Electronics sells audio-video assets after posting loss for quarter

Philips Electronics will sell its audio and video business to Japan's Funai Electric for €150 million (HK$1.56 billion) to focus on the more profitable areas of home appliances, health care and lighting.

The sale marks Philips' exit from one of its traditional businesses. It has already hived off its troubled television business, setting up a joint venture with Hong Kong's TPV last year.

via Business feed http://www.scmp.com/business/companies/article/1138847/philips-electronics-sells-audio-video-assets-after-posting-loss