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Article: CEC COMPLETES ACQUISITION OF PHILIPS' MOBILE PHONE BUSINESS.
- Article from:
- AsiaPulse News
- Article date:
- April 12, 2007
CopyrightCOPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, April 12 Asia Pulse - Loyal Philips of the Netherlands has announced the sale of its remaining mobile phone business to the China Electronics Corporation (CEC).
The latter now takes over all mobile phone business of electronics giant.
Philips' mobile phone business generated business revenue of 55 million euros ($US73.9 million) in the first quarter of this year, plunging sharply compared with revenue of about 100 million euros in the same 2006 period.
Philips and the CEC signed a letter of intent to transfer its existing mobile phone business.
Philips's mobile phone business, which in 2006 boasted an annual sales volume of ...