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Philips Sells Its Home Entertainment Business For $202 Million

Philips has revealed Funai Electric will be buying one of its divisions.

Dutch global electronics giant Philips has revealed as part of its financial reports that it's selling its Lifestyle Entertainment Business—audio, video, accessories and so on—to Funai Electric Co., based in Japan. The purchase will bring in €150 million (about $202 million) in cash and a licensing fee to use the Philips brand.

Philips has been adjusting its very diverse business segments in order to concentrate on gaining income from growth products, such as those made by its healthcare division. The firm is also one of the bigger players in the LED lighting boom.

[Image: Flickr user nanosquirrel]