As of September, Philips will no longer make televisions for the U.S. and Canada.
Instead, it is transferring that job to Japanese electronics maker Funai. The two companies agreed to a brand-licensing agreement in which Funai will source, distribute, market and sell all consumer TVs under the Philips and Magnavox brand names in the U.S. and Canada.
The deal begins September 1 and is good for five years. Funai will pay a royalty to Philips.
"This agreement secures continued presence of Philips and Magnavox branded TVs in North America in a model that safeguards Philips profitability in … Read more