Philips sent out a press release earlier today, announcing that they've agreed to sell its Automotive Playback Modules (APM) business to Lite-On. The remaining APM operations will be transferred to a new joint-venture, Philips & Lite-On Digital Solutions (PLDS).
Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced an agreement to sell the manufacturing operations of the Philips Automotive Playback Modules (APM) business to Lite-On IT Corporation of Taiwan for an undisclosed amount. The remaining APM operations will be transferred to a joint-venture between the two companies, which will operate under the name Philips & Lite-On Digital Solutions, or PLDS.
APM is a leading developer, manufacturer and supplier of CD and DVD playback modules to suppliers of automotive entertainment systems. The manufacturing operations that will be sold to Lite-On IT are mainly located in Györ, Hungary. The activities that will be transferred to PLDS include research & development, marketing & sales and product management activities, which are primarily located in Wetzlar, Germany.
According to the press release, PLBS will develop, market and sell products to store digital information such as DVD burners and optical drives for the automotive market. More information can be found here.
