MUNICH, Germany Philips Electronics sells its Philips Sound Solutions business unit to Japanese consumer electronics concern D&M Holdings Inc. The transaction is set to close before year-end.
Philips Sound Solutions (PSS) is an OEM supplier of speaker systems, primarily to the automotive industry. As an OEM component developer and manufacturer, Philips considers its PSS subsidiary as a non-core activity, the company said. The transaction hence forms part of Philips' strategy to focus on healthcare, lifestyle and other technology activities in line with the Philips brand.
Kawasaki-based D&M, who owns brands such as Denon, Marantz, McIntosh Laboratory and others, said it intends to accelerate its OEM business in the consumer and automotive infotainment business. The transaction will also provide the Japanese company with technologies to introduce new sound applications.
The move transfers all PSS sites and activities to D&M. Financial details were not disclosed.