Manufacturers

Philips Announces Decision in Arbitration Case

AMSTERDAM, the Netherlands — Royal Philips announced that the ICC International Court of Arbitration has rendered its decision in the arbitration proceedings that Philips started in 2013 against Funai Electric Co., Ltd (TSE/OSE 6839). Philips started the arbitration after it terminated the agreement to transfer the Audio, Video, Multimedia and Accessories business to Funai following a breach of contract by Funai.

The ICC International Court of Arbitration has decided in favor of Philips and ordered Funai to pay Philips an amount of EUR 135 million as a compensation for damages. The amount will be reported in discontinued operations in the second quarter of 2016.

 

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