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FUNAI ELECTRIC CO LTD Announces Notice Regarding Global Licensing Agreement for Koninklijke Philips Electronics NV Audio, Video, Multimedia and Accessories Business

Friday, 25 Oct 2013 09:50pm EDT 

FUNAI ELECTRIC CO LTD announced that it has received notice from Koninklijke Philips Electronics NV (hereinafter PHILIPS) on October 25, 2013 that PHILIPS will terminate the agreement with Funai to transfer all shares in a company that will hold the operations of the PHILIPS’ Lifestyle Entertainment Business. At the same time PHILIPS informed Funai that it will take legal action to recover damages caused by an alleged breach of contract by Funai and that it will submit a request for arbitration at the International Court of Arbitration (ICC). In response, Funai states that there is no such breach of the SPA and that Funai at all times has respected and continues to respect the terms and conditions of the agreement. 

Company Quote

27 May 2015