CEC to Take Over Philips' Mobile Phone Brand and Marketing Business
October 13, 2006
After the transference of its manufacturing and R&D units to CEC (China Electronics Corporation) in 2001, Philips has recently signed a letter of intent to sell its remaining mobile phone business to CEC. CEC will be licensed to sell and market mobile phones using the Philips brand for the next five years, according to the terms of the deal. The transaction is expected to be completed by the end of 2006.