Philips announces decision by ICC International Court of Arbitration in Funai arbitration case
April 26, 2016
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today 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.
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. The company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips’ wholly owned subsidiary Philips Lighting is the global leader in lighting products, systems and services. Headquartered in the Netherlands, Philips posted 2015 sales of EUR 24.2 billion and employs approximately 105,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
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