Philips CEO, Frans van Houten, announced Philips will be leaving the Consumer Electronics industry. The company has decided to focus on lighting and medical equipment. Philips sold its consumer electronics division to Funai Electric Co. for $201 million.
Frans van Houten stated to the WSJ, "Since we have online entertainment, people do not buy Blue-ray and DVD players anymore."
In Q1 2011, Philips was hit with a major loss of over $483 million, and has slowly progressed since.
Historically, Philips has been best known for its involvement with the inventions of Laserdisc, Compact Disc, DVD, and Blue-ray Disc. Philips was also well known for other major consumer electronics and appliances.