Business Services Industry
CHINA: PHILIPS HAS COMPLETELY SOLD CELL PHONE BUSINESS TO CHINA ELECTRONICS.
IPR Strategic Business Information Database, April, 2007
According to fdi.gov.cn: Philips, the giant of Netherlands consumable electronics, announced recently that they had sold the rest of cell phone business to CEC. CEC will take over the cell phone business of Philips. The revenue of this business in the first quarter was EUR55m and it was EUR100m in the same period of last year.
Philips announced on Feb 12 this year that they had signed the final agreement with CEC to transfer the rest of cell phone business to CEC. There are about 240 employees in Philips cell phone department, mainly locating in Asia Pacific and European area.
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