Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Funai Files for Damages Against Philips
Dec 23, 2013
 Printable format
 Email this Article
 Search

Funai Electric Co. Ltd (Osaka, Japan) filed a counterclaim (compensation for damages) against Philips in the two companies' pending arbitration.

The two companies agreed in January of 2013 that Philips would transfer its audio-video business to Funai. In October, Philips said it was terminating that agreement after, it said, Funai "refused to take the necessary steps to enable completion of the transaction and the transfer of the business."

Funai claimed in December that Philips was unable to complete the spin-off of the business in a timely manner, despite two postponements of the transaction completion date."

Funai also said that the Business that Philips intended to sell to Funai "differed markedly from what Philips explained to Funai," and that its profitability had been notably declining in 2013.

In a press release, Funai said it was continuing with negotiations to complete the transaction "based on its good business relationship of mutual trust with Philips for over 25 years," until Philips broke off negotiations and filed a petition for arbitration with the International Court of Arbitration on October 25, 2013.

Per Funai, these and other actions mean that Philips is in breach of its agreement with Funai.

Back to Daily News

 

Daily News

...........................................................

May 15, 2014: Electrolux Investing $30 Million More in Anderson, SC Plant

May 15, 2014: Emerson's 2Q Climate Technologies Sales Up 5%

May 15, 2014: iRobot Wins German Injunction Against Vacuum Cleaner Robots from Shenzhen Silver Star

May 14, 2014: AGA Sees Growth in Orders

May 14, 2014: Canadian Housing Starts Little Changed in April

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows