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.
More after the break
By Andy Clough