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Fri 27 Oct 2006 08:00 PM

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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.

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