Philips sells audio and video unit

Philips has reached an agreement to sell audio and video business to Funai Electric Japanese by € 150 million to focus on more profitable segments of home appliances, health and enlightenment.
The sale marks the exit of Philips from one of your more traditional operations. The company had already separated the television unit to enter into a joint venture with Hong Kong's TPV manufacturer in early 2012. The Dutch group has been struggling for years to compete with Asian manufacturers of low-cost electronics.
Quarterly loss
Philips presented a net loss of € 355 million in the fourth quarter, attributed to provisions already flagged and charges. The company warned in December that would take provisions of €509 million to cover a fine imposed by the European Union by the cartel practice in the business of TV. The company also anticipated that restructuring costs would increase to €380 million, against the previous forecast of € 300 million, by the integration of some operations.