Philips to relaunch its audio/video business as Woox Innovations
Following the termination of its agreement to sell its audio/video business to Funai in Japan, Philips is relaunching the business as a new standalone subsidiary under the Woox Innovations name.
The new division will have more than 2000 employees worldiwde and annual sales of $1.5bn. The in-house team will include more than 50 designers and 30 sound experts.
Woox Innovations - the name Woox is taken from some of Philips's previous products – will design and produce headphones, connected audio products, speaker docks and home cinema systems. It will continue to build on its Fidelio range, including the Award-winning Philips HTL9100 soundbar and Fidelo M1 headphones.
In September, Philips announced that it was collaborating with DJ Armin van Buuren, five-time winner of DJ Mag's Top 100 DJs poll. Armin will continue to work with Woox Innovations to develop Philips-branded audio products for DJs and music fans.
"It's our mission to deliver meaningful innovation in connected entertainment," says Wiebo Vaartjes, CEO of Woox Innovations.
By Andy Clough