Funai to distribute Philips TVs in U.S., Canada
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