[photopress:philips_960_closed.jpg,full,alignright]Bit sad, this. Philips in Holland is going to sell its remaining mobile phone activities to China Electronics Corporation. Recent research has shown that young people do not always buy mobile phones because of the service they give. They buy them because they are cutting edge and sexy. Cutting edge and sexy Philips mobiles were not.
Philips said the business now only employs some 240 people mainly in Asia Pacific and Eastern Europe, has current annual sales of around $500 million which may sound a lot of money but not in the ultra competitive mobile phone business.
Under the terms of the letter of intent, CEC will receive a global license to market and sell mobile phones under the Philips brand for the coming five years.
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