Philips loss widens in Q4, to stop making some of its iconic products, sells out to Funai Electric

Jan 30 2013, 10:44 IST
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Philips loss widens in Q4, sheds shrinking home entertainment business. (Reuters) Philips loss widens in Q4, sheds shrinking home entertainment business. (Reuters)
SummaryFunai will assume responsibility for the manufacturing of the Philips products.

grew 6.7 percent to (euro) 7.16 billion, but Philips said that would have been only 3 percent if recent acquisitions and currency effects were stripped out.

Since taking the top job at Philips in 2011, Van Houten has vowed to cut 6,700 jobs, or 5 percent of the company's workforce, by 2014, as part of a cost reduction drive.

He said “challenging'' conditions in Europe and the U.S. in 2012 hit orders and as a result he expects 2013 sales to start slowly before picking up in the second half of the year.

Shares were down 0.2 percent in early trading to (euro) 21.90.

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