Philips intends to transfer to CEC

Royal Philips Electronics has signed a letter of intent to transfer its remaining mobile phone activities to China Electronics Corporation (CEC).

CEC will take over the responsibility for Philips’ mobile phones business, which current has an annual turnover of close to US$504million and around 240 employees, mainly in Asia Pacific and Eastern Europe.

Under the terms of the letter of intent, CEC will receive a global license to market and sell mobile phones under the Philips brand for the next five years.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Inside Google's brave new world

Inside Google's brave new world

The $500bn technology giant is extending its reach into hardware...

Under attack: how to beat the hackers

Under attack: how to beat the hackers

The smarter technology gets the more opportunities there are...

After all the hype, what's the future for Hyperloop One

After all the hype, what's the future for Hyperloop One

Los Angeles-based Hyperloop One may have struck a deal this month...

1
Most Discussed
sponsoredTracking