Shenzhen electronics firm buys Philips brand

Shenzhen Sangfei, a subsidiary of China Electronics Corporation Group (CEC), announced it has acquired Philips' mobile phone brand as well as its supply and distribution channels, and will soon lauch eight new products on the global market using the Dutch company's trademark, Economic Observer reported (in Chinese). Sangfei has been an original equipment manufacturer for Philips since 1996. Sangfei said it not only gets the authority of a first-class international brand with the transaction, but also a high-level managerial group and sales channels to complement its existing resources.