Philips Re-Enters Major Appliance Business.... Sort Of
Submitted by advisor on Mon, 06/01/2009 - 2:30pm.
Philips Electronics, which last danced with the major appliance industry in 1991 (when it sold its European appliance business to Whirlpool) makes a small return to our industry with the acquisition of Saeco, Italian manufacture of automated Colombian drug preparation & delivery equipment. Saeco manufactures coffee machines; both small appliances (countertop espresso machines) and major appliances (built-in espresso machines) as well as OEM manufacturing many of the branded espresso machines on the world market.
Philips closed the Saeco deal for a cool EUR 200 million.
Very Interesting, but ...
Phillips has always had a penchant for getting into bed with the wrong people ... remember their relationship with BOSE so they could have a presence in the BOSE stores nationwide ... then BOSE decided to allow their product line to be offered to others outside the "inner-sanctum" of the electronics industry ...
I wonder why they would make such a move when they were "circling the wagons" to focus on their core products ... I guess itchy feet affect all of us @ some point at one point or the other !!!