Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that on March 31 the company completed the sale of its remaining Mobile Phone activities to China Electronics Corporation (CEC). CEC will take over responsibility for Philips’ Mobile Phones business, which had sales in the first quarter of 2007 of approximately EUR 55 million compared to sales of approximately EUR 100 million in the first quarter of 2006.
On February 12, 2007, Philips announced it had signed a definitive agreement with China Electronics Corporation (CEC) to transfer Philips’ remaining Mobile Phone activities to CEC. The Mobile Phones business employs approximately 240 people, mainly in Asia Pacific and Europe.
For further information, please contact:
Philips Corporate Communications
Tel: +31 20 59 77215
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a global leader in healthcare, lifestyle and technology, delivering products, services and solutions through the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 121,700 employees in more than 60 countries worldwide. With sales of EUR 27 billion in 2006, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, personal care and home appliances, as well as consumer electronics.