Shenzhen Sangfei Consumer Communications, a unit of CEC (Chinese Electronics Corporation), recently announced a five-year authorization agreement with Royal Philips Electronics of the Netherlands
, whereby Sangfei is enabled to manufacture and sell Philips-branded mobile phones in China
and overseas markets through March 31, 2012
. According to the agreement, CEC will pay Philips an annual authorization fee of seven million Euro (US$ 9.6 million; US$1 = 0.7 Euro) in the initial phase.