Philips forms strategic partnership with Woongjin Coway of Korea for air purification solutions
MOU signed for joint development and supply of air cleaners for the Chinese market
Seoul, Korea – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it and Woongjin Coway - a leading Korea-based well-being household appliance company, signed a Memorandum of Understanding for future joint development and supply of air cleaners for the rapidly growing Chinese air purifier market.
Under this agreement, the companies have agreed to build a strategic partnership by collaborating in the areas of developing overseas business, sharing of information and technology to bring new innovative products to the China and Hong Kong market.
Both companies are expected to strengthen mutual cooperation in all steps of product development, from filters to final design, in order to develop the optimal product for each overseas market.
This partnership enables Philips to expand its presence in emerging markets in general and Philips` ability to bring solutions that enhance the health and well-being of people in China and Hong Kong. Demand for air purifiers in China and Hong Kong is strong and expected to grow significantly, as a combination of rising household and consumers seeking improvements in quality of life with cleaner air for their homes.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs more than 116,000 employees in more than 60 countries worldwide. With sales of EUR 23 billion in 2009, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
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